Sundial of world news

"It should stand on a cow so we can better see!" At the Salon of Agriculture, a crowd of onlookers quickly formed over the course of Nicolas Sarkozy, despite an early arrival more than expected Saturday morning. Instead of starting the tour at 9:30 am as originally indicated, Nicolas Sarkozy has surprised almost all journalists arriving one hour ahead.

Young contestants of agricultural schools, farmers horses, cattle, sheep and also butchers and florists … the president has sacrificed tradition and spent two hours in the aisles at the meeting of agricultural sector in deep trouble . After the walkabout, he announced new measures to help during a roundtable discussion with farmers.

"It must protect us against disasters"

Among the notable events of the morning, Nicolas Sarkozy held talks with Jean-Paul Rault, sheep farmer in the Vendee who lost almost all of his flock during the storm Xynthia. "I told him he should protect us against future catastrophes, because once again, I will, but not both," says the farmer of Walnut St. Radegund. Only were rescued sheep that was brought to Paris for the Salon.

"The president said he would not let us down, it would help us rebuild. And he would see us in Vendee, "says Jean-Paul Rault. The farmer said he was heartened by the presidential speech? "I have no a priori," he replies."We have seen figures for the help, we'll see what it will serve."

Video – flying over the farm of John Paul Rault after the passage of Xynthia:

More politics, the meat industry has questioned the head of state … about Greece. "He seemed surprised and not really know, but I asked him to be very vigilant on the Greek question: is our first export customer with 70,000 tonnes," explains Denis Sibille, president of Interbev, the inter-beef, mutton and horse. "The number of failures is very high and we refrain now to export, where a shortfall."

"Less talkative than President Chirac"

The exchange was more lively with the representative of the Federation Nationale Bovine (section FNSEA).Jean-Paul Fleury asked Nicolas Sarkozy less listen to his Environment Minister Jean-Louis Borloo, and arbitrate more often for his "excellent minister of Agriculture, Bruno Lemaire. "The arbitrage is my job, I do those I do," replied the president.

As tradition dictates, the President has offered a basket of food to stand craftsmen butchers. A prime rib and leg of lamb. "Just as with Chirac, I am sure that the meat was consumed, as with Nicolas Sarkozy, I'm not really sure," said Jean Claude Obriot however, the vocational school of the Butcher."And then he is less talkative than President Chirac," remembers the butcher who hosts the Salon chairs for ten years.

Just curious still, Nicolas Sarkozy was investigated to know what wood was made of sticks Youth Farm School of Laurent Sainte Marie in the Pyrenees-Atlantiques. In Hazelwood, they replied. A medium hard wood, semi-flexible, especially light. Ideal for tapping the side of the animals and move them forward.

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While the National Assembly must address on Tuesday on the shutters "great debt" and "Taxation of banks' of the supplementary budget, Eric Woerth, the budget minister, said on France Info this morning that" the impact of large borrowing on the government deficit in 2010 is limited to 2.5 billion euros, or 0.1 points of GDP, while stressing that he was "loaned funds, which will be refunded. Eric Woerth said the need to "reduce our structural deficit, but by the activity that will recreate the recipes that have failed during the recession."He recalled that the forecast deficit passed Monday evening in Brussels indicate a return to a level of public deficit below 3% of GDP, in line with European requirements in 2013, assuming a growth of 2% to 2.5% .

Another topic to be discussed by MPs today, charging the banks should "be subject to parliamentary debate," said Eric Woerth, adding that "it is essential to tax speculative activities.

A minister little to say on pension reform

Regarding the proposed pension reform, a project which must be opened after the regional elections, the budget minister has shown little to say cash advance to savings account .He merely noted that it is a "big issue" and that "all options for reform are on the table."

Also arrested on the law of mobility of staff, Eric Woerth has detailed the operation: "the law of mobility must allow officials to move easily from one jurisdiction to another. An official unearmarked, because his position was eliminated as in private careers, will be entitled to retraining and individual training, which did not exist before. It will then propose a post. It will address three refusals, but then, it will be laid off. "Eric Woerth has assured that" the family and geographical constraints will be taken into account. "It concluded that "after three refusals, it is normal that the employee leaves the terminal, because it means that the person is more motivated to work in administration."

To those who accuse him of wearing a type of speech 'administration, you love him or you leave her', Budget Minister has assured that "this reform can finally build a real human resources policy in the Administration, with merit promotions. "

Around 14 hours, the Paris Bourse more clearly reflected the upward path after hesitating throughout the morning. The CAC 40 wins 0.75% to 3788 points in a trade volume of over 1.5 billion euros. At the opening, the CAC 40 index showed a greater increase of 1.07% to 3800.36 points. The finding is similar to London and Frankfurt: the FTSE-100 is progressing more than 0.21% at 5228 points (cons an opening 5261 points) and Dax from 0.19% to 5654 points (5687 points cons).

But investors in Paris were relieved by the publication of results of U.S. companies. In the vast majority of companies have reported results in line or better.Indeed, many companies publish their accounts in the fourth quarter: Ford, AT & T, Procter, Colgate, Motorola ….

Although business leaders and consumers in the euro area have found morale in January, for the tenth consecutive month, the sharp rise in unemployment in Germany (+8.6% in January) lead the growth indices European financial.

This morning in Japan, the Nikkei ended a spate of four sessions down to it lost 5%, to close a significant increase (1.58%).On Wall Street yesterday, the Dow Jones also finished in the green at 0.41%.

The U.S. Senate will vote Thursday on the reappointment of Ben Bernanke to head the institution.

Across the Atlantic, investors Parisian keep an eye on applications weekly unemployment benefits and orders for durable goods in December, at 14:30.

The bank ran out of steam

Consequence of slowing the renewed financial indices, values faltering: BNP Paribas (0.87% to 52.20 euros against 2.42% at the opening), Societe Generale (+0.69% at 43 14 euros against 2.46%), Credit Agricole (+1.86% at 11.77 euros against 2.81%) and Dexia (1.55% to 4.53 euros against 2.39% ) Payday Advance .

Plastic Omnium (3.14% to 23 euros) has announced a turnover of 2.458 billion euros in 2009, down 8.8%.In the fourth quarter alone, however, sales jumped 16.8% to 716 million euros. The group expects an operating margin up sharply for the full year 2009.

Many publications expected

Areva has returned to mid-session, the title losing 0.15% to 338 euros, having opened up slightly from 0.13%.The group will unveil its revenues for the fourth quarter of 2009, after having asserted yesterday held extensive discussions with GDF Suez for partnership in the French nuclear.

Are also expected publications: JCDecaux (1% to 18.6 euros, after opening up 2%), Sperian Protection (-0.38% against a rise of 0.30% at the opening) Etam (-2.89% to 17.45 euros), Eramet (+2.09% to 222.30 euros), Fleury Michon (+ 0.56% to 36.20 euros), Carbone Lorraine (+2.97 % to 25.45 euros) Vicat (-1.45% to 54.45 euros) and Norbert Dentressangle (+1.17% at 42.49 euros).

Beneteau (+2.36% to 12.6 euros) will hold an annual financial information to 17:30.

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The number one European military shipbuilding organized to address the decline of its activities with the Navy. The group wants to go for growth internationally and into new businesses such as civilian nuclear energy and marine renewable. In an interview with Le Figaro, said Patrick Boissier issues of its strategic plan to 10 years.

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The troubled conglomerate Dubai World announced on the night of Monday to Tuesday a forthcoming restructuring of some of his companies, including real estate giant Nakheel, which could include the sale of assets.

In his first statement since the crisis began Wednesday, Dubai World said that "the process of restructuring will involve World Nakheel and Limitless World" but not other group companies, including the giant Port DP World, "who are in financial stable.

The conglomerate said that "the restructuring process will include several phases which (…) evaluation of options, including asset sales.

He asked the bondholders to appoint Nakheel "an authorized representative with whom discussions can begin.

The Dubai authorities have announced November 25 their intention to request a six-month moratorium on the debt of Dubai World. The moratorium on the payment, provided December 14, 3.5 billion of Islamic bonds by Nakheel.

"Dubai can not stem the crisis

The shock wave propagated at the speed of lightning Thursday in the Gulf as the rest of the world. The near collapse of the emirate of Dubai, obliged to ask its creditors for a moratorium of six months for two of its major companies, Dubai World and Nakheel, unable to repay the 59 billion they have borrowed, shook all financial markets.

Asian stock markets continued their decline Friday. Tokyo has fallen by more than 3.0% in closing, while Hong Kong fell by 3.45% in mid-session. Shanghai posted a decline of 1.05% in mid-session. Seoul ended a slump of 4.69%."The last thing you would see is a domino effect, alarmed investment bank EFG-Hermes, which fears the deferred payment of debts of other firms, notably in emerging countries.

Not surprisingly, the rating agencies Moody's and Standard & Poor's has downgraded six of the largest groups of Dubai, including DP World, a subsidiary of Dubai World, the company's water and electricity, and the giant of the Real Estate Emaar Properties. "Although Nakheel is not rated by Moody's, this is an important precedent for a leading company facing difficulties to pay its debts and relying on government for support, accuses the agency.

Snowball effect

The risk of a snowball effect is real.Dubai, which has more particularly on its neighbor Abu Dhabi to come to his aid, can undermine the confidence of investors in the Gulf. Investors including many Westerners are. Among the creditors of Dubai World, one finds the British banks Barclays, Lloyds, Royal Bank of Scotland, but BNP Paribas and Credit Suisse. According to the latter, the exposure of European banks, however, does not exceed 13 billion euros.

In 2008, the emirate has attracted to itself for 21 billion dollars of foreign investment. Today, these investors may be concerned not only the financial health of Dubai, but also the countries of the Federation of UAE and the entire region.

For its part, Dubai, symbol of easy money, won, lack of oil, the real estate and finance, has a huge portfolio of foreign assets.It is the largest foreign investor in Tunisia and has launched many projects in the Maghreb, although some of them have been frozen because of the crisis.

He is a shareholder in several large companies in Asia, including Sony, the United States and Russia, where he acquired a leading electricians. It also has holdings in Europe, particularly in EADS. If decided, as feared, some investors to sell off its pay its debts, the consequences could be catastrophic for the financial market confidence. And they are equally if Abu Dhabi was to withdraw from Daimler, which owns 9% to help. Closed Thursday, Wall Street will give his ruling on Friday.

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Dark period for producers of solar energy. Q-Cells, one of the world's leading manufacturers of solar cells, reported a loss of nearly 1 billion euros over the first nine months of the year, against a profit of 150 million euros over the same period in 2008. Its turnover in nine months has, meanwhile, fell sharply by 40.9% yoy to 550.3 million euros.

The group Q-Cells said the decline coupled turnover and results by falling prices of photovoltaic cells, a background of economic crisis and increased competition from Chinese manufacturers, which enjoy much lower costs and massive government aid programs.

The Conergy Group, number two German industry has recorded its share down 41% of its sales in the third quarter while its counterpart Phoenix Solar, which specializes in installing solar panels on the roofs of buildings, revised downward its forecast for growth in turnover.

The Chinese group JA Solar is one of those who profit from the current weakness of its European competitors. With a volume of record quarterly shipments, the Asian group could return to profitability in the third quarter.

To adapt to this changing market, Q-Cells, as rival Norwegian Renewable Energy, has already started to transfer Asian part of its production to reduce costs.

Listed on the Frankfurt Stock Exchange, the action Q-Cells lost 3.86% to 10.93 euros in mid-session while Phoenix Solar yielded 4.88% to 35.10 euros.Conergy was also in the red, falling 2.53% to 0.77 euros.

Tax revenues of local governments will increase substantially in 2009. This is announced by the Directorate General of Local Authorities (DGCL), in a note released Wednesday. The DGCL estimated that the four direct taxes tax, residence tax and taxes on land and buildings not built should bring $ 71 billion to local governments. The increase in local taxes would be 8.1%, nearly double the increase of 2008 (+4.4%). This increase is explained by buoyant tax bases (+4.7%) and a significant increase in rates (+3.4%). This increase affects all communities but especially the departments and municipalities. "The departments have their rates increased more than other communities," said the DGCL, considering the increase of revenues to 11.4%, including 6.3% due to higher rates.Conversely, "the development of overall tax revenue from other communities still more effect than the base rate effect".

According to the notes, business tax, hotly debated in the context of discussions on the 2010 budget, expected to yield 31.3 billion euros, the housing tax 16.5 billion, the tax on built property 22 3 billion and that the undeveloped 880 million. Local taxes are 39% of operating revenue of local governments.

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Very good month of October for new car sales in France. According to figures released Monday by the Committee of French Automobile Manufacturers (CCFA), new registrations have increased by 20.1% in October. In all, 210,140 new registrations were recorded during this month, an increase of the market by 25.6% on a working day adjusted. October were 22 working days, against 23 in October 2008. In September the market had already been marked by a significant jump (+14.1%).

In October, the French brands achieve very good performance with an increase of 21.8% for PSA Peugeot Citroën (+7.2% in ten months) and 34.5% for Renault (+6.3%% on ten months). On Nissan Motor, which Renault has a share of 44%, sales rose 39.9% last month. Since January, Nissan's registrations are up 7.1%.Foreign brands generally have their registrations rise by 14.1%.

According to François Roudier, spokesman for the CCFA, the market has again benefited from the triple effect of scrapping bonus, bonus and ecological attractiveness of the new models that appeal to customers and were heavily controlled . The result is disappointing in contrast to the light commercial vehicles (-22.4%) and trucks (-54.5%), road transport and construction through a difficult economic phase.

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Consultation on priorities for the future that could benefit from the large debt are increasing in all directions. Just last week, the Labor Minister, Xavier Darcos, and his colleague on the Budget, Éric Woerth, has received the social partners to discuss it. Meanwhile, contributions from corporations, professional associations, political parties or departments have been compiled by the government: markets of the future, health, eco responsibility, education, telemedicine, high-speed … all proposals abound.Latest, on Monday: France Biotech, the association of biotechnology companies has suggested that 15 billion euros are earmarked for "life sciences", including research on vaccines or stem cell.

The Head of State himself, in his interview with Le Figaro on Friday 16 October, citing the university, the capital of SMEs, renewable energy, research on the degeneration of cells … The tracks confirmed by one of Co-Chairs of the Committee Juppe Rocard-loaded by the Elysee to reflect the priorities of large loan: "We have four main themes: research, university, broadband and green growth," said Monday the former Socialist Prime Minister to Echoes.

The debate should continue in the coming days. This morning, the UMP will hold a convention devoted to the subject.And this week the Prime Minister, François Fillon, will receive the representatives of political parties to gather their views. It should be against an end of inadmissibility of the first secretary of the PS, Martine Aubry.

Manage investments

Beyond the choice of sectors, the thinking is now entering a second phase. The only Matignon called "governance" of the big loan. In other words, how to manage investments? How to raise private funds for public funds abound? How to ensure the profitability of projects, both in growth and jobs? How to distinguish between projects which receive loans or advances repayable those who will receive grants? This question is not neutral."If public money is abundant private programs, it is legitimate to ask whether companies who will or will not reimburse a part," says one banker who has been heard by the committee.

The other issue to be decided on the terms and amount of the loan. Many people refer to a figure well below the 80 or 100 billion by the Elysee imagined initially. For Christian de Boissieu, President of the Council of Economic Analysis and member of the committee, the critical mass of future debt is between 20 and 60 billion euros. More precise, Michel Rocard evokes, in Les Echos, an amount which shall not "be too far above 30 billion. Additional constraint: since Nicolas Sarkozy announced the principle of the loan at Versailles in June, the bad news accumulated on the public finances.The debt of France should reach the record level of 91% in 2013, according to the latest estimates of Bercy. Finally, the question of opening the loan from individuals and seems well and truly departed yet. Privately, Alain Juppé said he also reluctant to appeal to the public. "We prefer to use a traditional market," confirms Michel Rocard.

The great debt is expected to approach 30 billion euros

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