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The bankruptcy of Greece is now openly considered by the Minister of Economy and the finance. Wolfgang Schäuble, the German finance minister, by the Bundestag in Berlin September 14, 2010.

The German Minister of Economy Philipp Rösler n'exlut more orderly bankruptcy of Greece to save the euro, in a commentary published Monday in the German daily Die Welt. "To stabilize the euro, it should no longer be short-term no-think about some options. Among them, there is an emergency orderly insolvency of Greece, if one has available the instruments necessary, "he wrote, according to a statement. The Finance Minister also proposed this scenario the newspaper Der Spiegel. Wolfgang Schäuble would have referred to two solutions for the future of Greece. The first is when the country in the euro area and the second when he returns to the local currency, the drachma.

Mr.Rösler is the Vice-Chancellor of Germany, as chairman of the Liberals, small partner in the governing coalition with the Christian Democrats of Angela Merkel. But he that really gives the tone in the economic in the country is the finance minister, Wolfgang Schäuble, a member of the Conservative Party.

According to M. Rösler, austerity measures are in some countries, like Greece, still insufficient. "The Greek government must know that the aid provided depends on the commitment by Greece to reform," he adds.

And call for the establishment of an automatic sanctions "in case of breach of the rule, there must be consequences for such a payment subject to approval of the aid from structural funds of the EU.In case of persistent breaches, an early termination of voting in the Council of Ministers of the EU should no longer be a taboo. "

Ultimately, bankruptcy ordered state should be possible with the aim of "restoring the ability to operate in the State concerned, if necessary by temporarily limiting its rights of sovereignty," he adds.

It also calls for substantial involvement of private creditors. Europe needs a "code of stability that Member States would apply in accordance with their national and their own economic and financial policy," continues M. Rösler.

HSBC said Tuesday it had revised down its forecast for global growth for 2011, reducing it from 3.0% to 2.6%, and its estimate for 2012, now at 2.8% against 3.4% previously.

"The message is simple: despite significant support measures, a healthy economic recovery is no longer a distant dream," said Stephen King, chief economist of the bank, said in a statement.

HSBC is the first major bank to be more pessimistic about the global outlook.

She sees the United States to grow by 1.6% in 2011 and 1.7% in 2012 against previous projections of 2.5% and 2.9%.

Growth in the euro area is estimated at 1.6% this year and 0.7% respectively in 2012 against 2.0% and 1.4% previously.

HSBC has confirmed its forecast of a 0.6% contraction of the Japanese economy this year and then a rebound of 2.4% in 2012. According to the bank, China will this year show a gross domestic product (GDP) up 8.9% in 2011 by 8.6% in 2012.

Nestle, the world leader in food, will continue to invest in Switzerland, his home country, although the appreciation of the franc makes it less attractive.

"There are now many questions regarding the crisis in Europe, low consumer confidence and the rise in the Swiss franc. Uncertainty is high, but growth is still possible in Europe," said Director General Paul Bulcke at the inauguration of a factory near Berne.

Asked if the group of Vevey to postpone or cancel investment projects in Switzerland due to the appreciation of the franc, Paul Bulcke said "that the Swiss franc has no impact would be quite incorrect.But as a multinational, we have a natural protection. "

"This is not the Swiss franc is strong, it is the other currencies that are weak.I hope one day there will be a return to reason, "he said, adding that Nestle invests in the long term.

Nestlé inaugurated Thursday a new production facility in Konolfingen, the site of its oldest plant, where it will produce next generation probiotic foods for babies.

"Obviously the strong Swiss franc does not help the production of Nestlé in Switzerland," said Paul Bulcke, repeating that the currency had only a limited impact on the operational performance of the group.

The franc has strengthened its final months against the euro and the dollar, prompting the Swiss National Bank (SNB) to increase liquidity in the money market in France to fight against the strength of the Swiss franc, which makes Swiss exports more expensive abroad.

Two thirds of the outgoing products of the ten Swiss Nestle factories are exported to the euro area.And with a resounding as loudly it is more difficult to remain competitive, said Eugenio Simioni, the head of Nestlé Switzerland, adding that the capacity for innovation and service quality can offset this appreciation.

Nestlé has invested 400 million francs in the Konolifingen site over the past four years and doubled the number of jobs to 770.

The nutrition business of Nestlé produce about 90% of sales of baby formula and Paul Bulcke said the group plans acquisitions to his unit, who directed last year's sales of 10.4 billion francs.

He declined to comment on a possible interest in the activity of infant formulas from Wyeth, a subsidiary of Pfizer, which is on sale and is valued at approximately ten billion dollars.

U.S. exchanges were down Thursday as investors sought to raise funds before the speech of Ben Bernanke on Friday, they hope to gain a better picture of the intentions of the Fed about the economy.

The Fed chairman must speak Friday at 14:00 GMT in Jackson Hole (Wyoming), as part of the 35th annual economic symposium of central banks.

The Dow Jones broader yielded 1.56%, or 18.33 points at 1159.27.

The Nasdaq meanwhile lost 1.95% (48.06 points) to 2419.63.

The markets had opened in an atmosphere of optimism related to the entry of the investor Warren Buffett to the capital of Bank of America.

They then tilted to the downside after a fall of European values, which launched the rumor of a possible ban on short sales in Germany, denied by Berlin.

U.S. markets are increasingly sensitive to events in the euro area due to the debt crisis.Four countries have suspended short selling this month and said Thursday that the measure would be effective until September 30.

Bank of America, whose title was dropped this week to a low of two years, jumped 9.44% to 7.65 dollars after the announcement that Berkshire Hathaway investment fund to its capital came up to five billion dollars.

About 854 million shares Bank of America changed hands on Thursday, the session is the most active for the title since December 2009.

The way Apple has certainly ended down after the announcement the day before the removal of its chief executive Steve Jobs, but its decline is limited to 0.65% (373.72 dollars), it still outperformed the Nasdaq.

The day also saw an unexpected rise in weekly jobless claims, emerged to 417,000 during the week to August 20, against an average of 405,000 expected by economists.

Demand clear messages from their leaders, more and more Germans express their defiance against the German chancellor to leave the euro zone of the crisis, according to a survey. "The Chancellor did not demonstrate any leadership capacity in the current situation," according to political analyst Carsten Koschmieder.

The Germans suspect more capacity of Chancellor Angela Merkel to solve the financial crisis in which Europe seems to plunge every day. They have a 55% "somewhat confident" and 20% "no confidence" in the conservative-liberal coalition government out of the euro area the storm, according to a survey by the Institute Infratest Dimap and broadcast Friday by the public channel ARD.

These concerns are explained first by the problems of perception of a clear policy."The Germans yearn for clear positions on the part of leaders and now it is not the case," said Richard Hilmer, director of Infratest Dimap. And Carsten Koschmieder, a political scientist at the Free University of Berlin, to abound in his direction: "These figures are plausible," he said to AFP. "The Chancellor did not demonstrate any leadership capacity in the current situation. Citizens expect a plan and Angela Merkel is silent."

Having delivered Tuesday with French President Nicolas Sarkozy a message on the economic governance of the euro area, but without going into details, Merkel was killed. "That may be good for markets, which startled every statement, but that does not restore public confidence," thought Mr. Hilmer.And in fact, the Franco-German summit did nothing to fear swept the world stock markets, all victims of this week a panic fueled by sluggish growth.

The Germans are more cautious vis-à-vis Nicolas Sarkozy. According to the survey of the institute Infratest Dimap, 63% of respondents said they had "little confidence" and 20% "no confidence" in the French president. Only 15% have "high confidence" and 2% do not know. A sentiment shared by the French, Harris Interactive poll published on 11 August by the daily Le Parisien / Today in France: they would be 46% to have more confidence in the Chancellor and Mr. Sarkozy (33%) to "avoid" a new financial and economic crisis.

The scope of these figures, however, is minimized by Baasner Frank, director of the Franco-German Institute in Ludwigsburg, "the grass is always greener on the neighbors.The French have an idealized vision of Merkel, who they consider serious and stable ". Baasner says, the distrust of the Germans vis-à-vis the Merkel government" is not surprising. "He points to the Liberals ( FDP), junior partner in his coalition, which after the electoral debacle in several local elections speak loudly to try to exist. "Their presence does not help," said he.

Proof of the cacophony in Berlin, the Vice-Chancellor and Minister of Economy, the Liberal Philipp Rösler, Friday proved very reserved in respect of a European tax on financial transactions, yet offered no more later than Tuesday by Chancellor and French President. "It would be easier to form a grand coalition with the Social Democrats", currently in opposition, says Baasner."At least, none of the two parties would fight for his political survival and it would be easier to adopt a strategy for the long term."

Job creation in France has exceeded expectations in the second quarter, confirming an upturn that has not prevented the rise in the number of job seekers in June and could prevent the marked decline in unemployment expected by the government this year .

With 68,300 jobs created, wage employment for non-agricultural market sectors increased by 0.4% in the second quarter compared to the first, as estimated by "flash" released Friday by the INSEE and Dares.

This figure is higher than the 58,200 jobs created in the first quarter in these areas and forecasting at INSEE for the second quarter was 47,000.

In one year, payroll employment grew by 1.3% with 210,600 jobs created.

"This increase in job creation is a positive signal about the vitality of the real economy," said the Minister of Labour and Employment, Xavier Bertrand, in a statement.

The Ministry states that this increase was the strongest since the first quarter of 2007 and emphasizes the mobilization "total" government employment.

Xavier Bertrand hopes to reduce unemployment below 9% in late 2011 despite the increase in 33,600 (1.3%) in June the number of job seekers in Category A. At 2,720,400, the numbers in this category have never been so high since December 2010.

The unemployment rate as defined in International Labour Office (ILO) was 9.2% in France at the end of the first quarter.The second quarter results will be published on September 1 by INSEE.

According to Eurostat figures, which uses a different methodology, the unemployment rate was 9.7% in France in late June against an average of 9.9% in the euro area and 9.4% in the European Union.

In the second quarter, the services sector created 57,200 new jobs, including 7,500 in the interim, the statistics released Friday show.

Meanwhile, the construction shows 4500 new posts, confirming the tentative rebound began earlier this year.

The industry has in turn created 6,600 jobs after the first quarter of 1300.

The basic monthly salary rose by 0.6% over the period April to June, as the basic hourly wage worker.

In one year, the basic monthly salary and base hourly wage workers show increases of 2.2% and 2.1%, says the Dares, slightly above the current level of inflation (1.9 % yoy in July excluding tobacco).

In the wake of the Asian market places, the European stock markets closed sharply down Monday, accusing the shock of the deteriorating U.S. debt. The ACC has sold 4.68%. Asian stock markets have closed sharply down Monday, August 8, 2011.

The decision by S & P lowered the rating of U.S. debt has raised concerns throughout the weekend the advent of a market crash, a phenomenon that has not occurred in the markets since 1987. All day, most of the old Continent Awards have alternated between green and red with little to decide as investors especially eyes on Wall Street, which eventually open down to 15.30. Update on that fateful day.

Paris: – 4.68%

The Paris Bourse has completed a heavy fall on Monday, losing 4.68%, rolled by the loss of triple A of the United States and despite the intervention of political and business leaders to calm the markets.The CAC 40 dropped 153.37 points to 3125.19 points, in a great volume of trade provided 5.939 billion euros, signing its eleventh session consecutive decline, a new record. Most cyclical stocks, the more dependent the economy, plunged to the image of Renault (-9.27% ​​to 28.40 euros) and Alcatel-Lucent (-9.71% to 2.22 euros).

Frankfurt: – 5.02%

Featuring Dax index of the Frankfurt Stock Exchange ended on a dip of 5.02% at 5923.27 points against 6236.16 points at the close Friday. The cars were particularly hard hit with falling over 8% for BMW and more than 7% for Daimler.ThyssenKrupp, Germany's number one steel whose activity is extremely sensitive to turbulence in the global economy, it has fallen to 9.57% to 22.25 euros, the biggest drop of the day.

Madrid: – 2.44%

The Ibex-35 index of the Madrid Stock Exchange finished Monday on a more modest decline than other European places, losing 2.44% to 8459.4 points, in the wake of the panic that seized the markets. After a black week, the Ibex-35 opened up Monday, then jumped over 3.4% in early trade, reacting positively to the announcement of measures to resolve the debt crisis. But the index went into the red in mid-day, doing more than a few brief incursions into the green.

Milan: -2.43%

The index featured the Milan Stock Exchange, the FTSE Eb, closed Monday on a decline of 2.43% at 15,640 points.End of the session, the beneficial effect linked to the support of the ECB has faded, causing a collapse of values ​​including industrielles.Fiat Industrial and Pirelli have plunged 10.48%, respectively, to 6.75 euros and 10.36 % to 5.2 euros. Fiat has ended on a down 9.64% to 4.98 euros, while the shoemaker Tod's fell 8.80% to 74.6 euros. Oil exploration company Saipem Tenaris and the steel company for their part have given 8.12% to 27.06 euros and 7.85% to 11.86 euros.

London: – 3.39%

The London Stock Exchange for its completion in fall of 3.39%, signing its third straight session sharply down, overtaken by the panic that swept the markets. The FTSE-100 index of the core values ​​dropped 178.94 points to end the session at 5068.95 points, its lowest level since July 8, 2010.

Athens – 6%

The Athens Stock Exchange finished Monday with a sharp drop of 6% below the psychological barrier of 1,000 points, after very negative climate in the degradation of U.S. debt. Reflecting the weaker economy in the euro area, the Athex closed at 998.24 points, its lowest level since January 7, 1997, according to the press office of the Athens Stock Exchange. The Athex opened down Monday morning and has ceased to fall.The actions of the Greek telecommunications (OTE) for Public Power (DEI) and sports paris (OPAP), which appear on the list of companies privatized, recorded the largest decreases.

Moscow: – 8% for the RTS

Both exchanges were closed in Moscow on a dive Monday, retreating in the wake of other global exchanges, and while oil prices were sharply lower in a market weighed down by the announcement of a downgrade of debt of the United States. The RTS finished the session on a drop of 7.84% to 1657.77 points while the MICEX closed down 5.50% to 1499.79 points.

Tokyo: – 2.2%

Asian stock markets began the great dance of falling on Monday.In detail, the Tokyo Stock Exchange lost 2.18% at the close, Hong Kong 2.17% and Shanghai fell 3.79%.

Gulf countries: + 0.37% for Abu Dhabi

Only the Abu Dhabi Stock Exchange ended in the green, gaining 0.37% to 2,612.8 points after losing 2.3% Sunday. In Dubai, the stock market rebounded slightly at midday, up 0.66% after opening down 0.38%. She concluded, however, -0.76% to 1437.07 points, down moderately from Sunday (-3.69%). As for the Saudi market, opened Monday in the green, gaining 0.44% and confirming a recovery started near the end of the closing session on Sunday. But he ended on a Monday down 0.33% to 6057.79 points

Valeo has reached its best first half net profit for 13 years and confirmed its 2011 targets of production and margins, cost control eclipsing the impact of the tsunami in Japan and higher raw material prices.

The automotive supplier achieved in the first half of the year a turnover of 5.33 billion euros, up 11% as reported and 13% at constant perimeter and constant exchange rates, and operating margin of € 345 million, a rate of 6.5% (+0.4 point).

Net income, Group share, rose 30% over the period to 218 million euros, its highest level in a first half since 1998.

"This improvement results from the continuing effort to reduce administrative costs, 6% through the introduction of our new organization," said the CEO of Valeo, Jacques Aschenbroich, during a teleconference.

Arrived at the head of the OEM in 2009, he has committed a simplification of the structure of the group and focus on its four core businesses.

Jacques Aschenbroich found that disruption of the Japanese industry after the tsunami that struck the archipelago in March were reduced by approximately 90 million euros turnover in the first half of the group, and reduced by 20-30 million operating margin.

"A recovery in activity in Japan is now expected in the summer, and the more general, if we can not exclude minor disturbances on the supply chain, they should not impact the global automotive production in the third quarter, "he added.

ORDERS RECORDS

As part of its strategy to achieve 30% of its sales in Asia by 2015, Valeo in February the acquisition of the specialist Japanese Niles steering wheel for $ 286 million, much dam activist fund Pardus for whom the appreciation of the group's share price is not forthcoming.

Despite the tsunami, which reduced by 31% in the first half of automobile production in Japan and led the entire Asian production (-3%), the specialist systems microhybrid "stop & start" and driver assistance (radars and cameras) has confirmed its forecast for 2011 production and margins.

He said he was "confident" in the event of an increase in world production of about 5% throughout 2011, and armed with a record order intake to 7.7 billion euros, an increase of 18% over the year, it has maintained its goal of an operating margin slightly higher than 6.4% in 2010.

The group had operated in that year a significant recovery in profitability since 2009, his margin was only 1.8%.

The Valeo shares closed Wednesday down 2.99% to 44.33 euros, giving a market capitalization of around 3.6 billion euros. Since the beginning of the year, the stock has gained nearly 8%, after rising by more than 73% throughout 2010.

Threads to reduce the deficit and raise the debt ceiling are apparently still at an impasse. In fact, Democrats have accepted most of the claims of the Republicans seeking a final concession. Explanations. The Republican chairman of the House, John Boehner

Small eight days between the United States of default and financial armageddon that would follow. Nothing to do: Republicans and Democrats still opposed to the terms of a deficit reduction plan to accompany an agreement on raising the debt ceiling, which in May reached its limit of 14,300 billion.

President Barack Obama expressed confidence Monday that a compromise was still possible to avoid that outcome disaster. Except that compromise, the Democrats have done it since the beginning of the crisis. A few months ago they wanted to simply raise the ceiling.He had not reckoned that they needed the agreement of the Republicans, and that they had much benefit from this situation of dependency to require counterparties budget.

The Democrats, therefore, first proposed to reduce the deficit 2.4 trillion, including $ 400 billion would come from tax increases. Faced with the refusal of the Republicans, they then proposed a plan that would reduce the deficit of 4000 billion, of which one billion would come from tax revenues.The Republicans did not want to hear about tax increases, the leader of the Democrats in the Senate, Harry Reid, came Monday with a plan that gives almost all of the main claims of the Republicans:

First he proposed spending cuts of 2,700 billion over ten years, more than 2,400 billion dollars for raising the debt ceiling needed to operate until 2013.

Then he accepted the creation of a committee charged with developing a bipartisan package of deficit reduction that would be protected against any future amendments or filibuster.

Last but not least, he gave up any new tax measure to achieve its goal of reducing the deficit. Yet Obama had insisted from the beginning the need to raise taxes on the wealthiest households.Monday noon yet, the president said: "we can not only reduce our deficit by cutting spending.

Yet despite all these setbacks, the Republicans continue to reject the proposals Democrats. Critics are rather vague: the president of the House Republican John Boehner, said that the plan is "full of gadgets," he does "no real change in the structure of government expenditure" and not not address the major social programs. He now wants to go further by making voting a constitutional amendment that would impose strict limits on future spending. Exceeded their cause automatic cuts in spending.

In fact, the only real sticking point is purely political: Democrats plan approval of debt enough to hold until 2013, that is to say, which can last until after the presidential election in November 2012.They fear that a similar crisis would set back chances for re-election of Obama. It is precisely for this reason that John Boehner is trying not only to validate an initial recovery. He would escape the non-payment in the short term but would require Obama to revisit a second increase, just to put him in trouble on the campaign trail.

APRR said Wednesday it posted a traffic decrease of 0.8% in the second quarter 2011, impacted by the decline in light vehicle traffic.

In a statement, the operator specifies that the highway truck traffic increased 3.6% over the period while that of light vehicles fell by 1.6%.

The group suffered an unfavorable comparison effect after the second quarter of 2010 particularly suitable for motorway traffic.

"April 2010 had actually been a particularly high traffic with a prolonged strike at the SNCF, disruptions in air traffic related to the Icelandic volcano and good snow conditions in the Alps, unlike in April 2011, "noted APRR.

Turnover excluding construction spring up 2.7% to 504.8 million euros.

At the Paris Stock Exchange, before the publication of these figures, the action APRR finished 46.85 euros, down 0.32%.