Business News & Financial News

Deposits record debt have accelerated last year after a slight dip in 2010. The number of filings in 2011 with commissions of over-indebtedness on the mainland increased by 6.6% compared to 2010, 232,493, announced Wednesday the Bank of France. It increased by only 1% in the first nine months of 2010. The number of cases handled, it is more sensitive it up by 10.1% to 239.647.Dans detail, the commissions have used the new possibilities offered by the law Lagarde, effective the end of 2010, which allows them to not go before the judge for approval of a plan to erase debt. The number of recommendations to erase debt, also called personal recovery proceedings without liquidation (the judge orders the sale of household goods over-indebted if any) has been increased almost tenfold between 2010 and 2011 . As a result, the number of recommendations approved by the judges jumped 30% to 48,797 in 2011.Parallèlement, the number of cases referred to committee by the judges was down 22% in 3549.

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%.

U.S. stocks rebounded sharply late in the session on Tuesday purchases with it after spending most of the session in the red.

The Dow Jones gained 1.44% or 153.41 points at 10,808.71 points. The Standard & Poor's 500 benchmark fund managers, was awarded 24.72 points or 2.25% at 1123.95 points. The Nasdaq composite has been 2.95% or 68.99 points to 2404.82 points.

The U.S. stock market at large had lost 18% over the last four months, affected by poor economic growth around the world and concerns about the deficit countries in the euro area.

The magnitude of these losses out of the woods investors on the lookout for buying opportunities.In particular, they set their sights on tech stocks and banking.

"We buy a few shares. We stick to companies with strong balance sheets, or with a global presence in emerging markets, certainly not in the financial services area," said Kim Forrest, an analyst at Fort Pitt Capital Group in Pittsburgh.

Some other investors, however, favored the bank. The index of the financial sector, down nearly 30% since the market peak reached on April 29, ended up 4.1%.

The remarks of the President of the Federal Reserve were also able to help cheer the fellows.The Fed, Ben Bernanke said, is ready to take further steps to support economy "almost staggering," clearly referring to the will of the central bank to intervene further to ensure that the U.S. fall into recession.

In terms of values, Apple, including the presentation of the new iPhone has disappointed, ended down by 0.56% to 372.50 dollars. The value has sharply reduced its losses late in the session along with the market went back.

Bank of America, in session after reaching its lowest level since March 2009, ended with a gain of 4.15% to 5.76 dollars.

Citigroup rebounded by 5.5% and Morgan Stanley from 12.3% to 14.01 dollars.The value is down 48.5% this year.

Sears Holdings soared 11.7% to 63.94 dollars.

About 12.9 billion shares changed hands on the New York Stock Exchange, the Nasdaq and the Amex, more than 60% more than the usual daily average since the beginning of the year.

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.

Gold was well on Monday to undergo its biggest drop in three days the last 28 years, investors are turning away from commodity markets to protect themselves from the potential impact of a default on the remaining Greek countries in the euro area.

"Gold is one of the few assets that remained in positive territory this year (…), so when investors are looking for money, they sell assets that have underperformed.Basically, gold is a victim of its own success, "wrote in a note Edel Tully, an analyst at UBS.

The price of spot gold was trading at 1,623.19 dollars per ounce to 11:25 GMT, down some 3%.

During the last three days, gold has fallen nearly 10%, its biggest decline in this time interval since February 1983.

"This shows that in times of extreme stress, there is no adequate substitute for liquidity," said Tom Kendall, an analyst at Credit Suisse.

Gold has dropped more than $ 100 last Friday's rebound against the greenback and rumors of liquidation of positions by large hedge funds.

The lack of consensus for a solution to the crisis of sovereign debt in the euro area has pushed gold to new heights this year, reaching more than 1,900 dollars per ounce.

"The increase in the volatility of gold prices was a clear indication that gold was no longer a low-risk assets," said Nic Brown, on commodities strategist at Natixis.

Michelin said Wednesday its objectives in 2011, the current uncertainties surrounding the economic time to have any impact on demand, said Michel Rollier, Managing Director of the tire manufacturer, the motor show in Frankfurt.

He also assured that the group's ability to pass through price increases and cost increases of raw materials, natural rubber head was intact.

Michel Rollier noted as such the increase of 4% to 6.5% in Canada on Tuesday announced the prices of passenger and light truck tires.

"Today, our sensors show that sales are conducted properly in accordance with our expectations, sales of winter tires are good," he said during a press lunch."We do not currently an indicator of deterioration."

"We know there are a number of macroeconomic threats, Greece first," he said. "In this case we know that it will be brutal but we will react very quickly."

Michelin intends to build on the experience gained during the 2009 crisis, including the use of a very regular control of the activity of all plants.

Michel Rollier confirmed the target of an increase around 8% of sales volume and operating income growth from one year to another.

The former minister mentioned the figure of 15 to 20 billion savings if the state gave shares in France Telecom, Aéroports de Paris, or Renault.

Patrick Devedjian (UMP) has called for Monday to resume the privatization of companies where the State is a party, seeing it as a deposit "of 15 to 20 billion euros."

Europe 1, former Minister launched as an example of struggle against deficits "are repeated privatization. There are considerable resources in terms of privatization."

He shelled several examples: "France Telecom, the state controls 27%. Me, I propose to sell 13.5%. It represents 4.7 billion."

"Airport of Paris. We do not have to keep control as powerful state of ADP. It is 3 billion. Renault, we have 15% of Renault. We sell.Air France we have 15%, we sell, "he said.

"Just on privatization, we can make 15-20000000000," summarized Mr. Devedjian. In more general terms, he said that Nicolas Sarkozy, the best candidate in his eyes to the right must, for the victory in 2012, presenting "an overall important and mind-blowing."

"If it is to have a policy that constitutes a system of patches that we deal with accidents one after the other, it is not convincing," he said. "When I see the left that has no project" is "a chance for our side if we come up with something strong, innovative," said the former leader of the UMP

Safran's aerospace equipment will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext.

In a statement, the Council states that these changes will take effect from the trading hours of Monday, September 19.

The entrance to Saffron in the benchmark index of the Paris Stock Exchange was expected, but the output of the subsidiary of BPCE (People's Bank – Savings Bank), one year after its entry into the CAC, was least, the market until a further release of Suez Environnement.

The action Natixis lost 17.59% of its value since the beginning of the year and 41.4% since September 17, 2010, its entry in the CAC.

No comments could be obtained immediately from Natixis or Safran.

The Scientific Council of the indices of NYSE Euronext has also decided to introduce in the SBF 120, IT group Bull, the specialist in bioanalysis Eurofins Scientific and Virbac Animal Health Laboratory, and the output of specialist allergy treatment Stallergènes .

UBS plans to eliminate 3,500 positions, including nearly half of its investment banking activities, as part of a plan to cut nearly half its annual costs by the end of 2013.

The bank said last month that it would undertake a restructuring plan when it published the results below expectations.

"The measures announced today will help improve operational efficiency. UBS will continue its vigilance vis-à-vis its costs, while continuing to invest in growth areas," said the Swiss hotel in a statement.