International Business News

On the eve of the 51th Paris Boat Show, the uncertainty is set at the manufacturers of pleasure boats in 2012, the sovereign debt crisis with little visibility, while the water sports market has improved slightly in 2010 / 2011.

French production increased 11% between September 2010 and August 2011, compared to the same period in 2009/2010, while the world market has increased slightly from 0% to 3%, said the Federation of Nautical Industries ( FIN).

"We are in a somewhat unique because our customers are there, the practice is growing, but at the same time we are in a period when accumulated outside the marine industry factors of concern," said Yves Lyon Caen, Vice President and President of the END of the supervisory board of Beneteau.

"The day there will be a release of the brakes, mainly psychological, the industry will rebound very important," he pointed out, however.

The rate of exports is 67% in 2010/2011, against 63.2% a year earlier.

Europe has not found a solution to the debt crisis likely to restore investor confidence, said Friday the European Commission President Jose Manuel Barroso, calling, as a remedy, better integration.

"The truth is that, for now, there is no response to the crisis that sovereign restore investor confidence," said José Manuel Barroso to reporters on the sidelines of a conference in Portugal.

"As long as this does not occur, we will have very serious problems and debates in Europe."

Asked about the possible role of the European Central Bank to the crisis, the President of the Commission considered that it should remain independent.

Many economists believe the ECB should act as lender of last resort for the most indebted countries in the euro area to address the crisis, or that it should resort to quantitative easing operations as do the Reserve Federal and Bank of England to support their economies.

But Germany has so far been adamant against these proposals, arguing that the ECB should remain independent and that its mandate was to fight against inflation.

"We are confident that the European Central Bank will fulfill its role as it has done so far," said José Manuel Barroso.

The European Financial Stability Fund (EFSF) should be made operational as soon as possible, said Friday the president of the European Central Bank (ECB) Mario Draghi, showing some impatience vis-à-vis the slow progress to date this.

In a speech at the European Banking Congress, Mario Draghi said that the Heads of State and Government of the European Union had decided to launch the EFSF here over a year and a half and decided to leverage capacity four weeks ago.

"Where are we in the implementation of these decisions?" He asked."You must not wait any longer," he added.

The ECB president reiterated that the downside risks to the outlook in the euro area had increased and felt that this activity should moderate and weak pressure on prices, costs and wages.

The new head of the Italian government announced the implementation of the reform of the labor market as well as delaying the retirement age to 67 years against 65 now. Mario Monti.

The new Italian Prime Mario Monti said on Thursday before the Senate that he intended to reform the pension system and labor market, two structural reforms demanded by the European Union and expected by the markets. The Italian pension system is one of the strongest in Europe but it has "ample disparities in treatment areas of unjustified privileges," he said. The Italian system is based on two pillars.

The system of "old age", in which the retirement age should increase to 67 in 2026, against 65 years now, thanks to reforms adopted in recent years such as providing for the gradual increase in the age based on life expectancy.

Reducing to 1% GDP growth expectations in 2012, Nicolas Sarkozy warned that 6 to 8 billion euros in savings or additional revenues must be found.

While a half point of growth in less than about 5 billion shortfall for the state budget, the risk of a vicious circle is not excluded, the lowering of growth forecasts calling plans savings which in turn contribute to more depressed activity.

"You will never make me believe that with 1,000 billion of public expenditure, we can not find 5 billion savings," tempers, however, the rapporteur of the Finance Committee of the National Assembly, the UMP Gilles Carrez.

The placement of the French No. 1 would be the victim of a crisis of confidence? Withdrawals from contracts of life insurance were up 1.8 billion euros in deposits last month. Life insurance, savings, piggy.

Withdrawals from contracts of life insurance on deposits were higher in September, a phenomenon already observed in late 2008, according to figures released Monday by the French Association of insurance.

The net outflow of insurance contracts reached 1.8 billion euros in September, confirming the dire straits facing the preferred placement of French. In September, 9.7 billion have been placed on these contracts. In nine months, the collection of contributions amounting to 98 billion euros, down 11% over the same period in 2010, the association said in a statement.

In detail, 83.4 billion were paid on the supports euros and 14.6 billion euros in the media unit of account (capital not guaranteed). "An outflow of EUR 1.8 billion does not affect the attraction of investors to the guaranteed investment whose remuneration is attractive," said the President of the French Federation of Insurance Companies (FFSA) Bernard Spitz, in an interview with Le Figaro newspaper published Monday.

He said the phenomenon of redemption affects only a little more than half of the 11.5 billion euros of withdrawals, which also reflect the aging population, with retirees who are drawing more and more in their life insurance.

A Booklet has not particularly benefited from the alienation found in September for life insurance, recording an average level (1.13 billion euros).

European shares cut their gains late Friday morning on profit taking after a violent rally triggered by the announcement of a concerted action of the banks to provide liquidity in dollars from European banks.

This measure, which boosts financials, does not solve the central problem of the euro area, the crisis of sovereign debt, stress professionals who say they do not expect a resolution of the Greek question at the end of the meeting of finance ministers of the Eurogroup in Wroclaw, Poland.

Around 12:05, the CAC 40 index, which jumped 3.27% on Thursday, rose 0.2% to 3,051 points, banks still leading the movement.

"Some profit taking.And we do not expect a solution to the debt crisis in the euro immediately, "said one vendor." The market is divided between those who believe in the rescue of Greece and those who think it will not be able to meet the requirements for better management of public finances, "he adds.

For Patrice Pérois, sales trader at Kepler Capital Markets, "the beginning of concerted actions of various central banks announced yesterday is very positive.If this is confirmed, all the conditions are ripe for a rally of the banks. "

But, he added that "the day will be highly technical with the expiration of futures and options on stock indices," he adds.

Some banks take the rating, including Societe Generale which accounts for 1.85%.Natixis, which is outside the CAC 40 index after the close of this evening to be replaced by Safran (-1.9%), gaining 0.12%.

London gained 0.8%, 0.9% and Frankfurt Milan 0.7% and European indices, STOXX 50 0.63%.

The performance of the German government bond (Bund) is relaxed to 10 years of 1 basis point to 1.93% while the euro weakened against the greenback and traded around the 1.3795 dollar against 1.3866 on Thursday.

Hermes (-7.5%) shows the largest decrease of the SBF 120 after the justice system has validated the family shareholders to sanctuaries a majority stake in the group face to the appetites of LVMH.

The Tokyo Stock Exchange finished up 2.25% Friday, the coordinated action announced by major central banks easing fears of a credit freeze in Europe.

The Nikkei took 195.30 points to 8,864.16 and the Topix, broader, ended up 16.37 points (2.18%) to 768.13.

Financial stocks have borne the market after major central banks are expected to cooperate to provide banks with dollar loans to three months to prevent freezing of the money market which would be caused by the crisis of sovereign debt in Europe.

The debate over the possible lack of Greece and the prospect of another banking crisis are precisely the two main topics that will be addressed Friday and Saturday, European finance ministers on the occasion of an Ecofin Council again decisive.

"If the meeting is able to allay the fears of contagion from the euro area and American values ​​continue to rise, the Nikkei could rise above the 9,000 points next week," said Mitsushige Akino, manager funds at Ichiyoshi Investment Management Co.

Require the recipient of the RSA base to work one day a week, without offering additional training or support, will not help them find new jobs, says Matthew Angotti (Federation of Associations of insertion). Former Secretary of State for Active Solidarity, Marc-Philippe Daubresse, submitted a report to Nicolas Sarkozy Wednesday, September 14, 2011, which makes 22 proposals to reform the RSA.

In a report submitted Wednesday to Nicolas Sarkozy, former Minister of Solidarity Marc-Philippe Daubresse proposes to employ the beneficiaries of the RSA one day a week, paid at minimum wage. The activities concerned will have to be socially useful and cover needs that are not, such as DIY, waste collection, maintenance of heritage, home services, etc..Only persons "capable of work" would be affected (a third of the beneficiaries of RSA base). Any refusal would be punished. This report hopes to defuse the controversy launched in the spring by some members of the majority and the Minister Laurent Wauquiez, who had proposed to work for free RSA recipients. These proposals are in the right direction but remain largely inadequate, says Matthew Angotti, Director General of the Federation of Associations of insertion (Fnars). Interview.

What do you think of the proposal to employ the beneficiaries of the RSA for pay?

Compared to the proposed Laurent Wauquiez, there are two positive developments. First, we return in the labor law, contract with a single insertion (CUI) that already exists and it is not free but paid work at minimum wage.Then, targets only those capable of work, allowing social workers in the field to decide the conditions to be met.

Is it a positive step for the return to work?

No. This is not working 7 hours per week in odd jobs such crafts as one leaves lasting insecurity. There is even a big risk to keep the beneficiaries in a precarious state. This should not be the lasting solution but a starting point of a trajectory employability, including the following steps would be to get these people to vocational training and coaching increased to find a job. However, the report says nothing about Daubresse training and support. As it stands, this is like a manipulation to lower unemployment figures.

The report suggests Daubresse to strengthen sanctions for refusal of beneficiaries to work. Is it necessary?

It's communication. How pathetic to suggest that the unemployed will not work. Above all, it makes no difference: recipients of the RSA are already obliged to accept job offers or assisted contracts offered to them, or risk seeing their benefits reduced or eliminated. The problem is that offers them nothing.

In addition to training and support, are there other gaps in this report?

Yes, two major. The first concerns the RSA youth. Currently, the access conditions for the RSA under 25 are too restrictive. This leaves thousands of young people in a very precarious.The second is the level of RSA: consider that in France you can live with 450 euros a month is ridiculous! Of course, in times of austerity, I'm not asking that the amount be doubled, but it would still fund a reflection on what we consider to be the minimum decent standard of living.

The Tokyo Stock Exchange ended down 1.86% Monday, erasing its gains of the previous week, investors feared that the measures expected on the employment front in the U.S. this week are not enough to prevent a new recession .

The Nikkei lost 166.28 points to 8,784.46 points and the Topix, broader, dropped 13.96 points (1.81%) to 755.82 points.

Japanese exporters have suffered from the strengthening of the yen against the euro, Sony and Toshiba 4% yielding 2.49%.

Nomura Holdings fell 4.64%, the bank is covered by a complaint from the federal agency overseeing the mortgage market in the United States, which accuses 17 major institutions have sold bonds backed by mortgages in with these operations is misleading.

The Nikkei, which had 1.7% last week on hopes of a Fed intervention to support the U.S. economy, fell in the wake of Wall Street Friday in response to halt the creation employment in the United States.

Trade volumes were found well below average.

President Barack Obama must present Thursday in a speech to the nation a plan for employment, as investors increasingly fear the scenario of a relapse into recession the world's largest economy.

"In this atmosphere, foreign investors should remain risk averse and inactive," predicted Mitsushige Akino, fund manager for Ichiyoshi Investment Management.