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

.

Even the clear election victory of the Spanish right, Sunday, was not enough to reassure investors, anxious about no firewall is sufficient to prevent the spread of the crisis of sovereign debt.

The risk premium for holding debt Spanish, Italian or French rather than German securities was up in the afternoon, Moody's has highlighted the risks posed to the "triple A" of France increased sustainable financing costs.

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.

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.

"(…) The offer was unacceptable because it would have resulted in the modification of all control clauses, which would have wanted to cause the end of Saab, "he told Reuters at Victor Muller of a telephone interview.

Thursday, Swedish Automotive received a lifeline from North Capital, an investment fund and U.S. hedge fund manager, who made $ 10 million in capital and a loan of 60 million to fund activities Saab.

After opening down more than 10%, the Swedish Automobile action, very volatile, losing to 8:50 GMT, 2.35% to 0.83 euro. Since the beginning of the year, it fell some 75% due to severe cash flow problems of the group.

Victor Muller did not disclose the amount of the offer of two Chinese manufacturers, adding that they were still interested in Saab, they must abide by the terms of the agreement signed in July, stating that they all take 53.9% stake in Swedish Automobile.

Saab went from crisis to crisis this year. It closed in April, unable to pay its suppliers to whom he owes more than 150 million euros.In August, it was no longer able to pay salaries.

Saab was bought by the Dutch Spyker, now Swedish Automobile, General Motors in early 2010.

Since 21 September, Saab has been under the protection of its creditors pending bailout Youngman and Pang Da, who had committed 245 million euros in July.

SAAB can be profitable

A Swedish court has said that he had received a request for release of Saab's system of protection for creditors.

This prospect does not frighten Mascioli Alex, an avid race car, which confirmed to Reuters that his company North Street Capital LP was well invest $ 70 million for Saab to continue operating.

"I expect that the transaction is done. I am ready to do what I can with my resources for Saab," he said by telephone.

The Swedish court said it did not decide on Saab on Friday, adding that he would decide on the reorganization of the manufacturer at the end of next week, at least before a meeting of creditors scheduled October 31 .

Victor Muller said that the Swedish government was not interested in buying Saab.

"There's always a plan B," he said when he was asked what would happen if Chinese automakers abandoned their project.Asked about the plan, Victor Muller said he would reveal "only if we use them."

"It was Victor decide. He struggled a lot to try to save the company. For now, there is an agreement with the Chinese," said Alex Mascioli for his part in response to the question of whether he was willing to invest in the place of Youngman and Pang Da.

Saab is an undervalued asset that will survive and which could generate profits, Mascioli Alex continued, adding that North Street could afford to take Saab if the manufacturer wanted.

Article first published on LExpress.fr

In shock. Back Thursday night in Lorraine, Edward Martin, the CFDT delegate of ArcelorMittal Florange, found the words to shout his anger. "At noon, I was unable to speak," he admits. Hours earlier, he was still in Luxembourg, following a meeting of the EWC's No. 1 global steel industry. Meeting at which management claimed to have nothing to say to the union representatives, while in Belgium, the Walloon region have learned announced the closure of two blast furnaces in Liege. "The Belgian colleagues were crying," said Edouard Martin.Both blast furnaces were arrested temporarily. Florange such as: one ceased operations on July 6, the other on October 4. "How to extend credit to the word of Mittal who say one day it will not close and decide the opposite the next day? Edward Martin gets carried away. Eric Besson does not doubt the word of Mittal? It is more naivety is complicity! "

A Florange, fear is escalated after the announcement that hit the site of Liege. The area has already seen the closure of the steelworks in Gandhinagar in 2009. Teams know that ArcelorMittal wants to improve the productivity of blast furnaces and focus activity on large-capacity facilities, located by the sea, more profitable (Fos and Dunkerque in France, Ghent, Belgium, Bremen, Germany , Gijon, Spain).Seven sites in Europe are now involved in the activity stops, France, Belgium, Germany and Spain. On September 23, at the investor day in London, the management of Mittal announced an "optimization plan assets of € 1 billion" in the old continent.

"We wondered where it would find one billion, one begins to understand, but this is not enough, loose Edward Martin, furious. We always used the same refrain, the temporary closure. Until punch in the stomach the final decision. It is sure that with the presidential election, it would make a bad impression to announce closure of Florange. But what will happen there in June 2012? ". Segolene Royal after a fortnight ago, François Holland a week ago, Jean-Luc Mélenchon which is Florange this Friday, October 14. "But we are disgusted by the silence of French and European authorities, denounced Martin.Libya is saved, we save the banks, and we? We will not let them kill Florange. For thirty-three years I worked here. This plant is ours. In 1992, there had been 1.5% of payroll to pay for a new galvanizing line. They killed Gandhinagar, they will not kill Florange. Angry? Today, it is not anger, it's disgust. "

"At the moment, there is no impact on our sales," said Patrick Thomas told Reuters, adding that think the purchasing power of customers in the luxury had not yet been assigned.

"The fact that it does not see today does not mean it will not happen", he warned, however.

"When there are moments of macroeconomic concerns, it always results in our businesses."

The values ​​of luxury was heckled last week in the markets, amid concerns about the evolution of the Chinese market and the strength of demand for luxury goods in slowing global economy.

Patrick Thomas, however, has sought reassurance about the level of sales of Hermes in September. "September went well," he said.

In addition, the manager of the saddle on the Rue du Faubourg Saint-Honore said Hermes would soon create the family holding to sanctuaries a majority stake in the group face to the appetites of LVMH.

"It'll be soon. There are many administrative procedures," he said.

The consortium, composed of the four largest banks, pension funds in four of the country and one of the largest life insurers in North America, also said he continued to work to get the go Green regulations for its offer of 50 Canadian dollars per share.

TMX and the London Stock Exchange had agreed to merge earlier this year before the LSE does not waive lack of sufficient support from shareholders of TMX.

Prime Minister Francois Fillon said on Thursday it would move to a retirement age of communication between France and Germany, where the legal age of retirement has to go in the coming years from 65 to 67 years . Referring to the "convergence" between the two countries tax the Prime Minister came out of his speech Thursday at the awards ceremony of the creative audacity to Matignon to engage in a plea for a reconciliation of working hours and the age of retirement between the two countries.

"It will take time to go to a joint work, we must move towards a common retirement age, it will move towards a gradual convergence of economic and social organization in both countries because it is the key to survival and the development of the euro area and the European continent, "warned Mr Fillon, without elaborating.

The retirement age in Germany will rise gradually from 65 to 67 years under a reform passed in 2007 and intended to prevent the collapse of a system challenged by life expectancy and an ever-growing shrinking of the workforce. The decline in retirement age will, however, very gradually, reaching actually 67 years around 2030.

French pension reform, enacted in June 2011, provides a decline of 60 to 62 the legal age of retirement.

Banks are again in the first line, after a report in the Financial Times that the German group Siemens withdrew 500 million euros in a major French bank to transfer them to the European Central Bank (ECB) two weeks ago .

At 9:07, the CAC 40 index down 0.33% to 2930.23 points.

The London Stock Exchange lost 0.47%, 0.22% Frankfurt and Milan 1.05%.

The Euro Stoxx 50 was down 0.27%.