Stakeholders believe however that the title could quickly resume colors, these results with 2011 confirmed the good resistance of luxury to the crisis, with prospects for the year 2012 found very reassuring .

At 11:00, the title fell by 0.87% to 125.25 euros in a volume of nearly 455,000 pieces, or 41% of its average daily volume the past three months, while the CAC 40 is stable.

"These are profit-taking. The results are very good. LVMH has proven its strength in non-crisis and crisis. The title should rebound quickly (upwards), "said one trader

. LVMH has published annual results up sharply, signing new records through the acquisition of Bulgari, and once again demonstrating the resilience of luxury to shocks in the economy

….. …. "LVMH is a history of strong growth and fits well with the themes of our strategic team for 2012 (quality, sustainable growth, large capitalization, strong balance sheet)," said Thomas Chauvet, an analyst at Citi

. But he wonders if time is not ripe for the title of a break in a context of weak growth

. "After the 15% increase in luxury and LVMH shares, with limited potential for earnings growth in short term, we see only modest upside potential for the course, "he said. 

"Like the rest of the sector (with the exception of Tiffany), LVMH shares performed well since the beginning of the year, supported by stronger growth than expected in its sector fourth quarter, a favorable exchange rate developments and an appetite for stocks with high beta (volatility). Despite positive comments from CEO of LVMH, the action probably warrants a pause, "says Antoine Belge of HSBC

. Analysts already largely positive on the title, welcome the absence of growth deceleration in the fourth quarter and in January, several of which have raised their forecasts for 2012 and their price target

. "We note the strong momentum in the fourth quarter by region and by industry, the figures being very close to those of the third quarter, "wrote Thomas Mesmin, an analyst at CA Cheuvreux, which raised its price target from 19% to EUR 150

… …… "Management remains optimistic for 2012 and reports a good start to the year, particularly in Asia (Chinese New Year) and the United States. Local demand in Europe continues to grow, which is a very reassuring, "he says

. Oddo Securities also raised its price target on LVMH, which rose from 140 to 146 euros, and its estimate of 2012 net income, noting that the EBIT for 2011 published is 3% above the market consensus

. In a note on LVMH entitled "Crisis? What Crisis ", Natixis Securities is also its price target, going from 140 to 147 euros, and confirmed its recommendation to buy

……. .. "The fourth quarter exceeded expectations ends the year in style and confirms the excellent level of business despite the current depressed. The strengths of the group (unique portfolio of brands, global presence) will play back full in 2012, "wrote analysts at Natixis in their daily note

.

The Dow Jones gained 291.23 points (2.59%) to 11,523.01. The S & P 500 is 33.90 points (2.93%) to 1192.57. The Nasdaq Composite rose 85.83 points (3.52%) to 2527.34.

This data is likely to vary even slightly.

The French do they work less than others? No, clearly meets the company Regus, a provider of workspaces. She has just completed a survey of 12,000 companies, working in some sixty countries. And she said, 56% of French people spend more than 9 am at work, against 48% for the average of other nations. In comparison, 46% of the British and Americans work more than 9 hours, 32% of 47% Chinese or Japanese. Germans (59%), Indians (55%) and Brazilians (60%) are in turn more likely to work as hard.In France, the overuse of long-term work could have a negative impact on both health assets and productivity as a whole in that overworked employees are at risk of becoming dissatisfied and suffer a real imbalance between the private and professional sphere "commented Frédéric Bleuse, CEO of Regus France.

And internationally, are teleworkers (broadly those with no fixed office) that are most likely to spend 11 hours a day at work. Not under 14% do so, against 6% for office workers fixed. They are also more likely to take work home at night to finish it. Indeed, 59% of teleworkers work at home win more than three times a week, as against 26% for office workers fixed.

Operating income for the German automaker will show growth in 2011 "clearly double digit," said a spokesman for the group.

Porsche has reported an operating profit up 25% to 1.51 billion euros over January-September.The spokesman declined to provide comparable figures for 2010, when Porsche had experienced a truncated fiscal year from August to December.

The manufacturer, owned by Porsche SE and Volkswagen reiterated its plans to sell more than 100,000 vehicles this year, after having passed 85,872 from January to September, or 26% more than in 2010.

Sales in China soared 82% over the period, to 17,683 units.

Thursday, Volkswagen reported an operating profit for nine months rose 86% to 8.97 billion euros, with a rate of double-digit growth in sales and a gain related to the merger with Porsche.

In a "difficult situation", France has retained last year's fourth largest exporter behind the United States, Britain and Russia, reads the report to Parliament on the exports of arms of France in 2010.

The main customers of France were Saudi Arabia, Brazil, India and Malaysia.

In the preamble to the report, the defense minister, Gérard Longuet, welcomed a "success" of France in a crisis.

He sees an encouragement "not to relax our efforts and to continue our work for our exports to strengthen the industrial and technological base defense of our country and preserve the 165,000 jobs that the industry has."

Over the period 2006-2010, the Middle East is the top destination for exports with 27%, followed closely by Latin America 25%, thanks to contracts with Brazil.

Asia represents 18% of the market, and expected success with India could advance this figure in years to come.Finally the percentage of world market share in Europe is 17%.

The contract for the sale of two ships Projection and Command (BPC) Mistral class in Russia for an estimated $ 1.2 billion was signed in June, and is not accounted for in 2010 .

The two helicopter carriers are built by the French shipyard DCNS, contractor on the contract, and STX, in collaboration with OSK.

DCNS, a public company, is controlled to 25% by the defense electronics group Thales.The Korean group STX, owner of the shipyards of Saint-Nazaire, is also involved in the construction of the Mistral.

As for the ongoing negotiations with several countries including Brazil and the United Arab Emirates to sell for the first time outside the Rafale combat aircraft from Dassault Aviation, they have not yet been completed.

Over the decade 2001-2010, the United States, Britain, Russia, France and Israel have shared 90% of the arms market.

Thefts from shops are starting to rebound in France between the mid-2010 and mid-2011, rising 2.9% in value, according to a study published Tuesday, pointing a "professionalization" of shoplifting .The study, conducted in 43 countries by the Centre for Research in the distribution (Center for Retail Research, based in England) from 1187 groups to the security company Checkpoint Systems, as the "shrink", that is ie the difference between theoretical and actual stocks, resulting from theft, but also of administrative errors or suppliers.

In France, the bill for the distributors is rising again, to reconnect with a sum amounting to two years ago, 4.9 billion euros, or 1.40% of turnover, against 4.7 billion euros, or 1.36% of sales a year ago. The equivalent, according to the study of an annual tax of 200 euros per household. Retailers believe that the flights are 44% committed by customers, 30.1% and 7.2% staff from suppliers.

The shoplifting is becoming more professional

"Thieves better information more easily thwart the standard features of security and those who get caught are the thieves who are casual, with smaller amounts," he told AFP Cedric Brossard, marketing director for the textile division of Europe Checkpoint Systems. "There is a professionalization of the flight," which becomes "a real job for some people with real orders," he said, citing "a lot of distributors who believe they have experienced an increase in organized crime." "Whenever there is a new product, it may generate a black market," he added.Conversely, he does not think that inflation on food products has had a significant impact on the increase in theft, noting for example that the coffee was already one of the most stolen.

In Europe, the thefts have increased more strongly than in France, 7.8%, but to a lesser extent, or 1.39% of sales of 36.23 billion euros. The average amount of shoplifting it was down 17.5% to 93.85 euros and the flight staff down 27% to 1,381.4 euros. Globally, the flights were up 6.6% to 88.88 billion euros, or 1.45% of sales distributors, against 1.36% a year ahead. Always at the center of envy, products expensive brands and smaller, easier to conceal and to spare."The flights do not give priority to basic necessities," the study said.

Fashion accessories among the most stolen

Among the most stolen items, fashion accessories, food products high-end such as meals and spirits, articles health / beauty products such as shaving and perfume, or technology products, such as MP3 players and smartphones. In Europe, the increase in shrinkage occurred despite an increase of almost 2% to 8.45 billion euros in spending on security and loss prevention, or 0.30% of turnover Distributors. "Those who have limited or theft managed to bring it down have introduced a multitude of solutions, unfortunately there is not a quick fix," said Mr. Brossard.The number of shoplifters and dishonest employees arrested by the distributors of the year under review exceeded 6 million, according to the study.

Employment center does not provide for improvement on the unemployment front table and at best a stabilization of the number of job seekers in 2011 and 2012 and, at worst, a deepening if growth turned out lower than forecast government. "The slowdown in job creation combined with the dynamism of the labor force should not be allowed to initiate a decline in unemployment," said employment center in its economic outlook published Tuesday, October 4.

For 2011, the Agency plans to increase the number of job seekers without any activity of 5000 and 78,000 by including persons who have reduced activity.These predictions are based on a growth assumption of 1.75%, made by the government. Next year, "unemployment started to decline," if growth remained at 1.7% (assuming the government), with a decline in the number of job seekers with no activity on the order of 5000 and 12,000 by integrating people with reduced activity.

However, "if growth slowed in 2012, unemployment would continue to grow," said employment center. Based on a growth assumption of 1.4% (the IMF), the number of job seekers with no activity would increase by about 27,000.The prospect of a "stabilization of unemployment seems reasonable, except major accident" by the end of the year, said at a press briefing Christian Charpy, general manager of employment center.

Job creation is not strong enough to absorb the increase of the labor force

But, "unemployment will not reach the level it had before the entry into recession in early 2008," noted Bernard Ernst, director of studies of employment center who recalled that in previous crises of 1974 and 1992 the Unemployment had found "quite quickly" its pre-crisis. These forecasts are more optimistic than those of UNEDIC (unemployment insurance) that, based on growth in 2012 of 1.2% (consensus of economists) has provided an increase of 36,700 unemployed with no activity this year and 55,500 next year. "At this stage, a forecast of 1.2% in 2012 seems overly pessimistic," said Mr.Charpy.

Employment center provides, in addition, 130,000 net new jobs this year by companies affiliated with unemployment insurance, but the momentum is down (44 000 in the second half, against 96,000 in the first). In 2012, job creation should remain the same (126 000) if growth remained at 1.7% but reach only 101,000, with growth slowing to 1.4%. These new jobs do not seem sufficient to reduce unemployment because they are less than the increase in the labor force estimated at 140,000 or 150,000 per year.

According to Bernard Ernst, the labor force could grow more than expected after the announcement by INSEE in mid-May to strong growth in first quarter (0.9%).The prospect of an upturn in the economy brought on the labor market of people (youth, women etc) that were not previously found that increased enrollment in the employment center lists the "first mover" and people signing up for a "return to work," he said. "Registration for employment center are not independent of the economy" said Mr. Charpy.

The toxic loans are loans that have a hand-indexed floating rate indices extremely volatile, likely to cause a spike in interest rates. Some loans are indexed to such an exchange rate of foreign currencies. According to their variations, interest may pounce. Release cites the case of municipalities that have seen interest rates rise to 10 or 15% this summer because of rising Swiss franc, their credits are indexed to such currency. However, some loans are still running until 2025 or 2030.The low cost of borrowing in the early years convinced the financial services community, who thought to save money without receiving the opacity and complexity of products.

Read about: Local authorities caught up toxic loans

5500 communities and institutions concerned

Liberation published on Wednesday a confidential document from the bank Dexia Credit Local (DCL), which amounts to 5500 the number of local authorities and public institutions which have made French toxic loans between 1995 and 2009. In total, the bank would have distributed 25 billion euros for these clients.Or "as estimated by the bank, the additional cost of these loans was estimated at 3.9 billion euros at the end of 2009," wrote Liberation, "which means that communities should pay a penalty of this order" .

Libération.fr provides a map of France infected bodies, municipalities, regions, departments all political stripes combined. Antibes, for example, has borrowed 60 million euros. It must repay 21 million extra. In Rouen, the risky loans represent 53% of the debt, for a total of 162 million euros.The city has already been provisioned 500,000 euros in 2009 and 1 million in 2010 to cope with soaring interest rates of its loans.

Read about: Local authorities still mired in the toxic loans

The HLM also contaminated

As local authorities, social landlords have contracted toxic financial products before the outbreak of the banking crisis. Exposure to risk financial products could reach 50% for a dozen of them.

Read about: What you should know about the crisis of public housing

The toxic loans account for 8% of the debt of public housing

Dexia in its sights

In a report published in 2009, the Court of Auditors has confirmed the responsibility of banks, which provide "information over-optimistic or even wrong, to borrowers, guaranteeing them virtually no risk."Among them, the Dexia Group, the first local lender. In 2008 and 2009, its share in domestic credit has also plunged by 40, then 20%. Are also singled out the savings banks, Credit Agricole and Societe Generale. But the Court of Auditors also accused local authorities, who have adopted "a speculative approach" by borrowing structured.

Read about: Credits toxic local irrational, greedy banks

A double threat to taxpayers

Adding salt may be administered for. Exponential to pay the interest, communities can cut back on investment and substantially increase local taxes."The rise of the Swiss franc is a college at least for the Seine-Saint-Denis", says the chairman of the General Council of Seine-Saint-Denis, Claude Bartolone, in Libération.

Read about: The tricks of the departments to make ends meet

"The financial department is dramatic"

Legal action

From 2009, Saint-Etienne was the first city to announce its intention to assign the Deutsche Bank before the Tribunal de Grande Instance in Paris to set aside 20 million euros of toxic loans. In February, Claude Bartolone has also filed a complaint against the bank Depfa, Dexia and Caylon, hoping to overturn the 63 risky loans taken out between 1997 and 2008. He had already assigned Natixis in 2009.Other procedures, initiated by municipalities, are under way.

Read about: Borrowing toxic Seine-Saint-Denis attack three banks

Toxic loans: the politicians do block against banks

Claude Bartolone accuses Dexia "scam"

Some changes since 2008

In the months that followed the discovery of toxic loans in 2008, the government initially tried to minimize. The charter of good conduct promised at the time of the crisis has emerged in January 2010: it forbids banks to offer loans to local governments whose interest rate changes based on indices high risk. In practice, this rules out any link with commodity prices and equity markets.For their part, communities agree to more transparency on their debts and loans.

Tuesday, communities have come to begin the process that should lead to a funding agency dedicated to local investment, without automatic recourse to the banks. It could be operational in 2012 and would cover, in ten years, a quarter of loans to local market, which totals 20 billion euros. A bill will be tabled in Parliament with a view to its adoption before the end of the year.

One who is both a world leader in lighting, one of the top three global manufacturers of hospital equipment and the European leader in consumer electronics is affected by higher commodity prices, from budget cuts in the Health and by sluggish consumer spending.

Philips said it had increased to 800 million its goal of cost reductions, which represents a 60% increase compared to $ 500 million announced in July.

The group also expressed confidence in its ability to meet financial targets for 2013, despite the uncertainties surrounding the global economy.

By 10:35 GMT, Philips yielded 0.78% to 12.13 euros after gaining about 7% in early trade. However, the value is better than the AEX index of the Amsterdam Stock Exchange (-1.6%) and the index grouping the European values ​​of consumer goods and luxury.