The New York Stock Exchange closed up 0.25% Friday, the Dow Jones 30 Industrial winning 29.66 points to 11,800.39. The S & P-500, wider, lost 0.22 points, or 0.02% to 1215.91.
The Nasdaq Composite fell 15.38 points his side of (0.59%) to 2572.61
These data are likely to vary even slightly.
More than one in two French (56%) spend more than nine hours in the office according to a study of the company Regus, which specializes in work areas. It is 10% more than the British or the Americans. According to Regus, 14% of the French work more than 11h, against 10% abroad.
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.
European shares closed up Monday, supported by the hope of a settlement of the debt crisis in the euro area and reassuring economic data from China.
The pan-European Eurofirst 300 index took 1.11%. In Paris the CAC 40 gained 1.55% (49.12 points) to 3,220.46 points, its highest since Oct. 12.
In Frankfurt, the Dax gained 1.41% to 6055.27 points. The Footsie has meanwhile been 1.08% on the London.
The mining, including Antofagasta, Kazakhmys and Rio Tinto have reached the market, winning all over 7% on the right numbers of Chinese manufacturing activity.STOXX index of European raw materials ends up 5.63%.
"Markets are likely to be very erratic until the EU summit on Wednesday night," warns Thomas, however, Kleb, head of equity sales at SG CIB in Paris, noting also that transaction volumes remain extremely limited.
The euro still progressed and exceeded $ 1.39, on the hope that Europeans will manage to agree on a plan against the debt crisis.
According to a document of the European Union (EU) for the summit on Wednesday, two options should be combined to increase the firepower of the European Financial Stability Fund (EFSF), namely an insurance scheme and a special investment vehicle able to buy government bonds.
The Director General of Swedish Automotive, which owns the Swedish automaker Saab, said Friday it had rejected a takeover offer of 100% of capital from Chinese groups Zhejiang Youngman Lotus Pang Da Automobile and Automobile Trade.
"(…) 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.
France should maintain its valuable credit rating "AAA" Despite the security which would make Paris a portion of the bond portfolio of troubled bank Dexia and a possible capital injection into banks, analysts said a Reuters poll .
They point out that this type of guarantee, recorded as an off-balance in the public accounts, and a possible capital investment banks, which could eventually generate a profit, do not pose a risk to the sovereign debt.
But the rescue of Dexia, which should be formalized on Sunday, and a new injection of public funds in other banks will form a new constraint on the flexibilities of the French government, which announced a few weeks ago to 12 billion euros of savings in order to preserve the triple "A" credit rating the highest possible.
Analysts point out however they can not confirm their hypothesis that once the details of the dismantling of Dexia are known.
The Belgian, French and Luxembourg reaffirmed Sunday after a meeting held at midday in Brussels their solidarity in the search for a solution that ensures the future of Franco-Belgian bank.
In a joint statement, the Belgian Prime Minister Yves Leterme and French François Fillon stated that the three governments give their full support to the proposals of management of the banking group, presented at a Board of Directors scheduled to begin at 15:00 in Brussels.
The activities of the Franco-Belgian bank, first bank in size in Europe to be a victim of the crisis of sovereign debt in the euro zone could be split and the most risky assets confined to a separate structure.
Brussels and Paris are trying to agree on the guarantees afforded by the two countries to the hive to accommodate the bond portfolio of 95 billion euros in Dexia, hoping not to aggravate the situation of public finances .
The rating agency Moody's has also increased pressure on the Belgian camp Friday night: it has placed the sovereign rating of Aa1 by explaining kingdom under surveillance will include assessing the costs and liabilities that the state could play in supporting Dexia.
European shares closed Friday up and recorded a third straight session of gains, as Wall Street made by U.S. jobs figures better than expected in September.
"The employment report for this month is also surprisingly good as last month was surprisingly bad. The labor market remains weak and the Fed should not be impressed by this report, which suggests an EQ3 (a third cycle of purchasing government bonds) at the FOMC meeting of November 2, "said Rob Carnell, economist at ING Financial Markets.
The CAC 40 index gained 0.66% to 3095.56 points but under the highest of the day (3126.0) after nearly 8% over the previous two sessions.For the week, the index rose by 3.81%.
London has been 0.23%, 0.54% Frankfurt and Milan 1.29%. The pan-European Euro Stoxx 50 index rose 0.81%.
"The European stock markets appear to initiate a phase of stabilization, as the actions of several sectors (banking, insurance, oil, utilities, telecommunications). This reflects the extremely low valuations of these securities," said Vincent Guenzi, strategist at Cholet Dupont.
Axa (5.10%) finished at the top of increases in the CAC 40, followed by Total (2.85%) and Peugeot (2.56%).
Carrefour (-3.66%) registered the largest decline of the CAC on profit taking.EADS lost 3.32%, hit by the rise of the euro, which fell from 1.3190 dollars late Monday at 1.3485 late Friday afternoon, the day after the announcement of new measures support to banks by the ECB.
In the bond market, the performance of the German government bond (Bund) and 10 years has reached 2%.
Hermes currently finds no sign of spending restraint to its customers despite a darkening economic outlook, said Sunday the manager of the French luxury group on the fringes of Paris Fashion Week.
"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.
Airbus wants to sell the Airbus A320 or A321neo, remotorisée version of its single-aisle aircraft at Royal Air Morocco and will remain alert to the intentions of Boeing, said on Wednesday sources close to the European manufacturer.
The Moroccan company in trouble last week announced its intention to sell ten aircraft, including four Airbus A321s, five years after their purchase, and five Boeing 737-500, to raise one billion dirhams and bring to five the The average age of its fleet.
According to La Tribune, Royal Air Morocco plans to build a 15-year exclusive contract with Boeing.
The subject could be discussed during the visit of Nicolas Sarkozy to Morocco on Thursday, Reuters said the source close to Airbus.
"It's surprising, given the investment they have made to operate the fleet, but Airbus will be particularly vigilant," she said. "Airbus is working with Royal Air Morocco on providing A320neo or A321neo".
Neither Airbus nor Boeing have to comment this information, while Royal Air Morocco was not immediately available.
The Moroccan government proposed last week to inject 1.6 billion dirhams (142 million) as part of a program of 9.3 billion dirhams by 2013.
These measures aim to strengthen the finances of Royal Air Morocco undermined by increased competition and oil prices and the impact of revolutions and the Arab attack in Marrakesh in April.
French Prime Minister spoke Thursday the necessary economic and social convergence between France and Germany, which will notament a common retirement age. Now it has to go to 67 across the Rhine. Prime Minister Francois Fillon presented Thursday, June 16 at the Small Business Congress in Paris a series of measures designed to "grow" these companies
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.
5500 communities and public institutions are still contaminated with highly volatile lending rates, which could cost them up to 3.9 billion euros. The key points of the problem. The bank Dexia had sold 25 billion euros in loans structured to 5500 clients. Complex mechanisms and uncontrollable
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.
