Ghosn's efforts to regain Renault

Came one week in Brazil to announce the expansion of the Renault plant in Curitiba (Parana State) and the creation of a site for Nissan in Resende (Rio de Janeiro), Carlos Ghosn, CEO of both companies, was welcomed as a head of state in his homeland.

Last Saturday, the President of the Republic, Dilma Roussef movement shifted to receive it. "We are very proud of you," she would have slipped to the one she considers the child in the country. He also had dinner in an atmosphere of "friendship" with the two governors of states where the group operates, before signing the agreements in their luxurious palaces. Finally, it was applauded by the workers of Curitiba, massed on the lawn of a sunny site, which he wrote a speech.

Relaxed as ever, we feel in his element."It's good to be true that in Brazil," said the globe-trotting owner, who was about to visit this weekend to his mother and two sisters, who live on site. For him, this country is a paradise full development. Here, as in China, "we prefer to see what will, while in Europe the focus is on what's wrong."

Yet it is this gloomy old continent – particularly in France, where he is idolized as far from Japan, China or Brazil – that he decided to spend more time, "pulling consequences "of the false espionage earlier this year.

For many, this fiasco was proof that the owner of two companies whose headquarters are located 10,000 kilometers away, was disconnected from the reality of Renault.Many employees, union representatives, but also members of the government, which accused him of favor at the expense of Renault Nissan, having sought to speed up the relocation.

"Today I am more present in France," he says, whereas previously the Hexagon was only 35% to 40% of its schedule. Nissan is going at full speed in China or the United States, Carlos Ghosn promised then to look at the head of Renault, less efficient no fax pay day loans. Japanese sales are expected to double according to him between 1999 and 2011, reaching 4.8 million units, while those of Renault have increased marginally over the period (2.6 million last year). Goal back on track in Europe, where sales of the group fell by 10.6% over the first 8 months of the year.But also boost the image of a registered design banal and lacking in high-end models.

One patron

"Pragmatic," Carlos Ghosn admits he made mistakes. "I was probably too delegate and I paid the consequences," he admits. "One of the problems at Renault, is that people felt that there were two bosses. There must be only one boss, and that's me, "he insists. As a result, the CEO, for whom the "management of Renault changed," "regained control of a number of operations" as the high end, human resources, communication or the ethics committee . He also concedes that the crisis has had under "to clean up relations" with the state (which holds 15% stake) and make the company "more mature".

Be present at the headquarters of Renault and be first in line, that is precisely what the CEO had promised, after the reorganization of the group in late May, which had weighed heavily on the government. Paying for his handling of the "case", Patrick Pelata, Renault's number two, had been set aside in favor of Carlos Tavares.

Mechanically, the scope of responsibility of Carlos Tavares, his number two has narrowed compared to that of his predecessor. "It has fewer powers," but of "autonomy in what remains," said Carlos Ghosn.

The question is whether the iconic CEO will honor its commitments over time. One thing is certain, it is restore the image of the diamond brand in Europe find it in France a strong credit started this winter.

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Sony wants full control of Sony Ericsson

The maneuvers in mobile telephony will continue. Less than two months after announcing the acquisition of Motorola by Google, it's time for Sony to come forward. The Japanese would be poised to buy out its partner in the joint venture Ericsson they hold a 50/50, according to the Wall Street Journal. Sony said "have made any announcements on this and have no comment."

Becoming once again sole master on board in the phone, Sony get back into the race, while its subsidiary is in full decline. In the latest Gartner, Sony Ericsson does not point only to the tenth place. Unbearable to cope with the rise of Samsung and other HTC.

The share of Swedish would be valued between 1.25 and 1.5 billion euros.Sony Ericsson reported a loss of 50 million euros in the last quarter (ended June 30), strongly impacted by the consequences of the tsunami in Japan. The group felt when the earthquake had prevented the production of 1, 5 million phones.

A very strategic move

A recovery of 100% Sony Ericsson, ten years after the creation of the joint venture fits perfectly with the new guideline from Sony. Since late August, the Japanese never ceases to present the virtues of a strategy "five screens" (TV, PC, tablet, game console and … smartphone). At each speaking orchestrated by Sony, its subsidiary in the phone is a little more present. A to obscure the fact that the group led by Howard Stringer holds only half! While in September, when questioned on the subject by the Figaro, a leader of the group responded, "Why buy expensive our participation? ".Admitting a hint that Sony already felt at home in their joint venture. An attitude that could just as tired Ericsson, which has every reason to feel more deprived.

In addition, Sony ensures highlight the synergies between the different divisions of the group. But the mobile phone is, at present, is a real focal point. The latest Sony Ericsson Xperia smartphones are a perfect summary. They are equipped with optical CyberShot inherited cameras from Sony and for the sound, the Walkman and entertainment, Sony Entertainment. The climax was reached with the Xperia Play, which includes all the features of a PlayStation.

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Crisis: CEOs more pessimistic than in 2008

Worse than the fall of 2008, "58% of business leaders consider an inevitable deterioration in the economic situation," according to the survey conducted in 2011 by the Chamber of Commerce and Industry of Paris (CCIP). This survey was conducted during September, with 5000 businesses with fewer than 500 employees, representing the economic fabric of Ile de France and the country as a whole. There were only 48% of patrons to express such a fear in September 2008, at the time of the bankruptcy of Lehman Brothers, which would trigger a few months later a global recession – in France, in particular, GDP declined by 2.5% in 2009.

A remake of 2008-2009 is in everyone's head. But comparison is not right."Companies now have to pay much less than in 2008 and stocks the contrary, they have much better treasuries, said Pierre-Antoine Gailly, President of the CCIP. For the whole of France, their current account deposits at banks now amount to 180 billion euros, 20 billion more than in 2008. "

The CCIP also notes that if the concern that banks limit access to credit are large, this fear has not yet materialized. Moreover, the dreaded cold snap on the situation at the moment is focused on Europe, while in 2008 it had distributed instantly worldwide. Clearly the multiplier effects that had abruptly fired three years ago now seem less formidable.The current crisis follows a phenomenon much more confidence that it reflects a mechanical depression guaranteed unsecured personal loan.

Bring to a faster response to the crisis in Greece

Thinning can therefore act only through a return of confidence, it says in the CCIP. First in Europe: it is faster to make a response to the crisis in Greece and more generally to uncertainties in the sovereign debt.

Second key point: the situation of banks and their ability to finance the economy. There also should clarify the situation, including the definition of the application of Basel III on capital requirements.

Third dimension, unique to France, the presidential campaign. She never held in such a climate of economic turmoil, with what is more significant questions about a possible alternate.Two factors, by definition, anxiety, do you recognize the CCIP where one refrains from taking sides of course on the merits. Much will depend on the conduct of the presidential campaign, knowing that in times of uncertainty the temptation of inaction is great for business.

Everything will be in the speech

The survey conducted last September marked a sharp decline in climate, especially in SMEs. The synthetic indicator currently stands at 91 down from 106 in September 2006, at the last presidential campaign for SMEs. For larger companies, this indicator is 96 against 104 five years ago. While governments have no fiscal space to influence the deal, everything will be in the speech. The power of words never been so great.

Industry and households demoralized

Optimism has no place in French industry and households. According to the monthly survey published Friday by INSEE, the synthetic indicator of business climate in manufacturing industry fell by six points to 99 points in September, passing below the 100 that corresponds to the average long period for this indicator. "He finds his level of August 2010," INSEE said in a statement.

As for the index of business climate as a whole (including services, construction, wholesale and retail trade), it falls along eight points to 97 points. Clearly, "the economic climate deteriorated in all sectors except construction," says INSEE.

In detail, the entrepreneurs of the manufacturing industry believe that their past activity slows again.They are particularly concerned to see their order books, global and foreign, are down. The situation is similar in both food processing, electrical, electronic and computer in the car, where the activity is expected in sharp decline in the coming months.

Confirming this gloom, the turning point indicator of INSEE has clearly shifted in the red. If it is not necessarily synonymous with recession, "the index is in all cases the echo of a deceleration of growth in all sectors," explains Sandrine Duchêne, head of the department of economic INSEE.

The financial situation of the French deteriorates

Even pessimistic side of French households, whose confidence index has lost five points to 80 points in September, according to data from the institute poor credit personal loans. This is its lowest level since February 2009.This indicator had a slight gain in July (three points) after months of stability. But in September, households appear significantly higher than in July to anticipate an increase in unemployment (23 points).

To this must be added the concerns of their income: between July and September, the opinion of households on their personal financial situation has deteriorated further, the balance corresponding dropping six points. Thus, the French are less numerous than in July to consider appropriate to make major purchases (-5 points). About their nest egg, they also feel that the time is not conducive to spare, the balance being lost 8 points in its long-term average.

According to Sandrine Duchêne, growth forecasts of 0.5% set in June for the third and fourth quarters will soon be downgraded."Since mid-2009, we tablions on a scenario of sluggish growth," said she. But the accumulation of adverse factors, "as the sovereign debt crisis in Europe, or concerns about the economic situation in the United States and China," cloud the prospects for a real recovery in the Hexagon.

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Meeting in Greece: the Nikkei rebounds

In the wake of Wall Street, Asian stock markets have recovered what color jeudi.L all the places welcomed the determination shown by German Chancellor Angela Merkel, French President Nicolas Sarkozy and Prime Minister of Greece George Papandreou at a meeting telephone Wednesday night, to get out of Athens crise.Après have closed down the day before, and the Nikkei gained 1.48% to 8644 points at a time of closing.

Investors seem so, for now, somewhat confident about the ability of the euro area to help Athens to avoid bankruptcy the country. Wednesday night, the Franco-German and was convinced "that the place of Greece is very much in the euro area."But on one condition, also very explicit: "The implementation of strict and effective recovery program of the Greek economy supported by the countries of the euro area and the IMF and which conditions the disbursement of future tranches of the program. "George Papandreou was quick to deceive, confirming" the absolute determination of his government to take all necessary measures to implement all commitments. "

More good news, the Brics (Brazil, Russia, India, China and South Africa) announced Wednesday that they could increase their holdings of bonds denominated in euros. Thus, Brazil was prepared to participate in a "global effort" against the economic crisis that affects rich countries, said the same day the President of Brazil Dilma Rousseff.Meanwhile, Italy, whose rates have soared during bond, has denied media reports that she would have asked China to invest in debt.

Oil continues to fall

Japanese banking stocks and welcomed the ads. After being jostled by the market and Mizuho Financial Group rose 0.90% to 112 yen and Sumitomo Mitsui Financial Group 1.06% to 2094 yen.

Other Asian stock markets follow the upward trend of the Nikkei. The Hang Seng Index of Hong Kong Stock Exchange rose 0.47% to 19,134.45 points, the Kospi index in Seoul Composite climbed 1.12% to 1768.75 points. The S & P / ASX index in Sydney rose by 0.74% to 4035.40 points, the FTSE Straits Times of Singapore appears an increase of 0.56% to 2754.58 points.In contrast, the Shanghai Composite Index down 0.02% to 1484.45 points, like the BSE Sensex 30 Index of Bombay, which was down 0.39% to 16,643.70 points.

On the foreign exchange market, the euro appears down 0.16% to 1.372 dollar on Thursday. In turn, oil prices continued to decline in Asia, after figures showing a decline in demand for refined products in the United States, and while the markets remain worried about the situation in the euro zone, analysts said . In early electronic trading, a barrel of "light sweet crude" for delivery in October lost 43 cents to 88.48 dollars per barrel of Brent North Sea crude for October delivery 53 cents to 111.87 dollars.

Irene would cost tens of billions

The bill may be steep Irene. The governor of New Jersey, Chris Christie, has evaluated this Sunday on the NBC television network damage caused by Hurricane "billions of dollars, even tens of billions of dollars." According to an alternative estimate delivered by the consulting firm Kinetic analysis, the hardware cost of this storm is expected to rise between five and ten billion dollars, most likely around seven billion. Just to the North Carolina and South Carolina, two states already affected by the hurricane, the amount of losses expected to reach between 200 and 400 million.

Above all, this damage should be responsible in large measure to the State, businesses and individuals, when insurers should take on a lesser share of the burden, said Chuck Watson, one of the leaders of Kinetic Analysis told AFP."Most of the structural damage will be caused by the rising water because of rain and coastal flooding. Yet this type of damage is not covered by private insurance, "said he.

The same applies to losses caused by the cessation of activity in areas relevant to the coast, or the cost incurred by the evacuation of hundreds of thousands of people payday loan lenders. Thus, New York, usually hectic, has been transformed this weekend into a ghost town, most shops have closed up shop and residents have been urged to stay home. But there is no damage reported, insurance should not pay a dime to compensate their members.

Insurers expected to be down

Insurance companies, however, should see their value fall Monday at the New York Stock Exchange.On Friday, insurers Allstate and Travelers had fallen to the lowest levels for two years, investors anticipate the costs incurred by the hurricane for those companies.

The amount of the invoice should still be less than initially estimated. Thus, Kinetic analysis was planned on Friday that a tornado could generate over 12 billion euros of damage if it hit New York at the height of its intensity. Finally, she was demoted to a mere tropical storm, with winds still 100 km / hour. These amounts are in any case of a different order of magnitude as the colossal damage of about $ 100 billion registered during Hurricane Katrina in 2005.

Wall Street should be on guard before the Fed

Wall Street holds its breath. In the wake of a sharp drop in session, and two hours of opening, the contracts are in equilibrium on the Dow Jones (+0.03% to 11,134 points), Nasdaq (0.09 % to 2113 points) and the S & P (+0.02% to 1157 points).

As in Europe and Asia this morning, the New York Stock Exchange on Friday waiting to learn more about the measures to be taken by the Fed to support the U.S. economy threatened by recession. Ben Bernanke, head of the institution, will speak Friday at 4:00 p.m. (French time) to his counterparts at the traditional central bankers in Jackson Hole Symposium, Wyoming. The Fed could launch a new program of quantitative easing, but many stakeholders are concerned that expectations may be disappointed.However, "if Ben Bernanke said that the need for further action is not obvious, it means that the economic outlook is less black than starting to think many investors, 'the economists broker Aurel BGC.

GDP in the menu

Before this appointment, investors will read the second estimate of GDP for the second quarter (14.30), the first being very disappointed. Growth could however be further revised down 0.2 point to 1.1% annual rate. The second estimate of the index of consumer sentiment in August is also the program cheap credit report.

As for currencies, the euro resumed slightly against the dollar to a few hours of the speech of Ben Bernanke. Around 11 am, the euro was worth 1.4440 dollars against 1.4378 dollars on Thursday in 21 hours. The wait also dominates the side of the oil markets.A barrel of Brent North Sea crude for October delivery was trading at 110.25 dollars on the Intercontinental Exchange (ICE) in London, down 37 cents, while in electronic trading on the New York Mercantile Exchange, a barrel of "light sweet crude" (WTI) for the same maturity lost 35 cents to 84.95 dollars.

Values ​​of the day

On the corporate side, Tiffany, Madison Square Garden, Frontline and Royal Bank of Canada must publish.

HollyFrontier reported a dividend increase of 17% to 8.75 cents.MTS Systems also announced a 25% increase in its quarterly dividend.

Pandora Internet Radio, which made its IPO in June, on Thursday posted a net loss of $ 3.18 million in the second quarter of its fiscal year lag, and a turnover more than doubled, exceeding analysts' expectations.

Krispy Kreme Doughnuts has reported a quarterly profit of $ 8.8 million or 12 cents per share against 2.2 million a year earlier. Sales jumped 11% to $ 97.9 million.

Fruits and vegetables producers' anger

Was rotten to the producers of French fruit and vegetables. Multiply these actions to raise awareness of the state of their precarious economic situation. Vegetable growers now call their members to "strike of public payments," inviting them to no longer pay their payroll and other taxes. "I did not revive the disastrous situation of 2009, laments Angelique Delahaye, president of vegetables in France. Treasuries of our 40,000 businesses are very tense, 10% to 15% risk of extinction. We invite them to put themselves insolvent employer contributions to the MSA, deadlines and other bank charges. We must keep what little cash we have left to pay our employees and our local suppliers, "she says.

The gardeners feel they have lost 20% to 40% of their turnover since the crisis of cucumber, late MayAfter the questioning of vegetables by the German authorities in the bacterium E. coli, there has been a surplus of vegetables in the European market. With, as a consequence, a collapse in prices. These never reached the levels of last year payday loans. First victim, the tomato, which is officially in economic crisis last week.

Finally, the bad weather came to tarnish the situation. "The winter vegetable pot-au-feu or those consumed in béchamel as cauliflower are selling well right now over their cost," says Angelique Delahaye.

Targeted actions

Fruit growers are hardly better off. They have the advantage of cross-over for the holiday challenge on the road. "Sos Fruits, Europe guilty, absent policies …" be able to read on the tolls or stickers on banners hung on the bridges of the A7."We sell our fisheries currently 30 cents below our cost, deplores Regis Aubenas, producer of peaches in the Drome, the cause of this action by the FDSEA. We call policies to regulate the market so that the Spanish leading provider of fisheries in Europe, stop the dumping by selling eg 35 cents per kilo in Hamburg at Lidl. "

The player is used by default in the articles of figaro.fr. Maj7

"The deteriorating U.S. puts enormous pressure on Europe"

In the night from Friday to Saturday, S & P downgraded the rating of the United States, from "AAA" to "AA +". This historic announcement, which comes as the markets have closed a black week, plunged the financial world into the unknown. Munis Hassim, professor at the Institut d'Etudes Politiques de Paris, explains why such degradation threatens the U.S. economy, the first world power, and identifies the situation to that of Japan in the 1990s.

Is the degradation of the notes of the United States plunges us into a new crisis?

The fact that the United States lose their triple-A means that they have a slightly higher probability of defaulting. But by switching to "AA +", this probability is very low. Moreover, experts and analysts do not believe at all a failure to pay the largest economy in the world. So there is no reason to panic.However, the multiple consequences which such degradation can they prove to be very disturbing.

For example?

The fact that S & P has dared to sacrifice the American note puts enormous pressure on other countries rated AAA, particularly in Europe as the UK or even France. This announcement will fuel fears of a contagion of degradation of notes, when the markets seemed to panic this week. In Italy and Spain (already degraded) in particular, tensions are rising, although they seem to be the new target markets. Moreover, the impact on the banks direct. They will have to review their capital allocation taking into account the appearance of more risky U.S. bonds they hold, as they impose the new international regulations, to strengthen the solvency of banks (Basel III).The recent bank stress tests, whose results were given there only three weeks, have already lost all credibility because they did not include either a restructuring of the Greek debt, or a deterioration note the United States.

Why such a lowering of note can threaten the global economy?

When the debt rating of long-term decline in the U.S., this means that more may not be refunded if the creditor is. However, the markets, the risk is remunerated by interest rates: if I am less sure of being repaid, so I request a higher rate. Thus, losing the "AAA", the U.S. interest rates at 5 years, 10, 20, 30, will mechanically increase.And if rates rise, it's a downward spiral of investment and consumption that will engage, which produces more unemployment, less tax revenue and public expenditure. This government deficits widen further, and sovereign debt. But during the past two weeks very turbulent markets, the U.S. long rates remained very low. There have never been so low, a sign of investor confidence.

There is still a little time, no one imagined the United States lose their AAA. How did they get there?

The problem the U.S. is that they have more flexibility, or a monetary point of view, or budget.On the one hand, monetary policy can not be more accommodating, having pumped billions and billions of dollars of liquidity into the markets and set the interest rate floor (they are between 0% and 0.5 %) to restore the U.S. economy weighed down by the subprime crisis that has capitulated Lehman Brothers, three years ago. On the other, public spending has been poorly controlled, while the U.S. tax burden is already high. Difficult in these conditions for fiscal consolidation.

It is like in Japan twenty years ago …

Exactly, you are right in the Japanese-style scenario. The United States could enter a situation of liquidity trap in which Japan was mired in the 1990s, but never really escape. Rates were zero and sluggish growth, while prices fell, leaving Japan trapped.United States, the U.S. central bank, the Fed is now more capable of supporting the U.S. economy, which has not really recovered from the crisis, according to the latest statistics. Growth for 2011 looks less than expected, despite the monetary support giant that has been deployed. It remains to be seen whether this will result in deflation (lower prices) or if inflation will return. The best case scenario would be the second, to prevent the United States is experiencing a "lost decade" in Japan.

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Air France: conflicts threaten three departures on holiday

While looming two weekends among the busiest in passenger of the year, Air France warned of now-already-and its passengers that they may have to be patient. If the airline has reached an agreement with the seven unions of Stewart and hostesses, thus avoiding a first strike scheduled for July 29 and August 1, she still faces other threats to social movements.

Two pilots notice

The first is the drivers. Tuesday, three minority unions – the SPAF, the Alter and R'Ways – have in fact filed a strike notice for the same July 29 to August 1. As the crew before them, the drivers are protesting against the offensive "anti-low cost" Air France plans to launch in its databases province. The new operation is expected to result, according to the drivers, an increase in the number of hours worked and trips a day.

For now, this movement somewhat worried the company, which does not anticipate any disruption in traffic this particular weekend. She feared much more the second notice, filed for the weekend of August 5 to 8, by the powerful pilots' union SNPL. Especially since the solutions to this conflict then escape it, since it is the government that is directly targeted. The pilots claim in fact the culmination of the reform of the Pension Fund of seafarers, which began three years ago. This morning, Labour Minister Xavier Bertrand told Europe 1 radio he was "hopeful" of finding a solution to the conflict. A mediator was appointed in early July to resolve this issue, which divides pilots and cabin crew.Raphael Hadas-Lebel, who assumes the function of mediator in addition to the Chairman of the Board of Retirement Guidance (NRC) "shall make its findings in the coming hours," said Xavier Bertrand this morning payday loans for bad credit.

The mechanics harden the tone

But at the same time, the management of Air France must also manage a third conflict, less publicized than those of pilots and aircrew, but highly impacting: some 4000 engineers responsible for maintenance of 260 units of the company practice of walkouts, for seven weeks.

If the company minimizes the facts explaining that stoppages of one or more hours that are 50 to 100 people, the impact on traffic is nonetheless real. According to Le Parisien, Aujourd'hui en France, long flights and medium-haul flights from Paris-Charles de Gaulle accuse each day delays of 15 to 20 minutes.Management also recognizes that it is obliged to postpone the launch of a two-plane in the evening to morning. Orly airport and Toulouse are also affected.

And before the stalled negotiations on wage demands, the engineers are threatening to get tough tonight at 22 hours. "Delays are possible and we do not exclude some cancellations," said Air France AFP. Alert bulletins on traffic conditions are published to the attention of travelers on the website of the company.

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