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The higher the debt crisis is intensifying and European gold is getting stronger. The metal price has risen late Thursday at a new record of 1594.45 dollars approaching the threshold of 1600 dollars per ounce, still supported by concerns about the debt crisis in the euro zone and the renewed nervousness around indebtedness of the United States. The metal is "overbought in a configuration that is generally followed by a phase correction with profit taking," said Alexandre Taurand, market analyst at XTB France.

Since early July, the Yellow Gold has gained nearly 60 dollars and grew by more than 2% in five days. A craze that is also explained by its role as a refuge for investors wishing to protect themselves against currency volatility, turbulence government bonds and inflation pressures persist.Since the beginning of the month, the disturbing news in the euro area accumulates. Standard & Poor's warned that a draft agreement between Greece and private creditors would be equivalent to a default under its criteria. On Tuesday, the working group to find a solution to save the country from bankruptcy said he did not exclude a more "partial failure" Greek. Moody's lowered the rating of Portugal and the eyes are now to Italy and Spain where the rates of bonds soaring.

Investors are not convinced by the ads of European finance ministers that provide control to prevent contagion. The latter said they were willing to increase the size of the Fund for financial help payday advance. They are also considering a "lengthening of maturities of loans" made to give more time to countries in difficulty to repay their debt. But nothing works.Tuesday again, plummeting stock markets in Europe reflected a continuing concern.

All eyes turned to Italy

"Unlike money, which is currently trading on the area of ​​35.50 dollars an ounce and is a turning point towards lower, gold is playing its role as a refuge and is one of few underlying advantage of the situation, "says Alexandre Taurand.

In his view, two scenarios are emerging now for the precious metal, "If the price settles above the area of ​​1547.11 dollars, then maybe we would pause in the middle before a new upward impulse to try re-cross the area of ​​1557 dollars per ounce. In the event that the price of gold were to fall below the 1545 dollars, then we would have a target level of support for 1541 dollars, "said he.But can not decide yet, "there are a lot of uncertainty. Investors are focused on the Italian austerity plan (on which Parliament must decide by by the summer break, ed.) They also monitor the situation in the United States with the vote on the debt ceiling to be held by 2 August. "

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"The rating agencies accused of aggravating the crisis

"SPECIAL – Europe, States facing bankruptcy

The Cac 40, which was chained on Wednesday a third round of decline after five stacked, remains under the 4000 points at the opening Thursday morning in a slightly more optimistic: it rises from 0.47% to 1980 04 points in early trade. Last night, the index lost 0.44% to 3961.34 points, weighed down by Portugal – heavily damaged by Moody's – and China, which has raised interest rates to tackle inflation concern. On Thursday, the major event is expected on the European side: Jean-Claude Trichet, ECB president, said at 13:45 if the institution has also decided to raise its rates by 0.25 point, or not. The governor has implied several times that the tightening would be given on 7 July.

Meanwhile, around 9 am on Thursday, the euro gleans 0.10% to 1.4330 dollar.Yesterday, the euro continued its slight decline against the dollar because of concern about access to the economic health of the most fragile countries in the euro area.

Greek side, German and Greek Ministers of Finance estimated that Athens has more support economic growth, if Greece wants to find a balanced budget, during a dinner in Berlin on Wednesday night. In addition to the austerity plan, ministers believe that "only with a stronger private sector and with private investment that Greece can achieve a balanced budget in the medium and long term."

The U.S. employment in the viewfinder

In France, corporate failures recorded in France in the second quarter remained stable at a high level, the company said Altares.The number of failures has declined by 0.3% over the period, with 14,397 judgments backup, reorganization or liquidation direct. During the same period of 2010, there were 14,446 procedures, Altares said.

The trade deficit of France has also widened in May, breaking a new record for the third time since the beginning of the year to 7.42 billion euros against 7.17 billion in April, data seasonally adjusted, Customs announced Thursday. Side and real estate, Fnaim hold its quarterly press conference on the market of the former, at 11.

Overseas, we will monitor the ADP employment figures in the private sector in June at 14.15, very expected. And then the weekly claims for unemployment benefits at 14:30.The weekly inventory of crude oil will be announced at 16:30.

Banks lower their commissions

Societe Generale, BNP Paribas, Credit Agricole, Natixis. The Competition Authority has achieved that French banks were down significantly the commissions they charge on card payments and cash withdrawals at ATMs, according to a statement released Thursday by the regulator. The agreement, which ends a two-year old procedure, the institutions concerned to induce a loss estimated at 600 million euros, according to the Authority.

In addition, the U.S. investor Lone Star is in exclusive talks with BNP Paribas for the sale of German bank IKB reports the Financial Times Deutschland. Discussions with BNP Paribas are at an advanced stage, the newspaper said.The French bank has already finished the review of the IKB, but it is unclear whether BNP Paribas will buy all or just pieces IKB.

The Franco-Belgian bank Dexia has signed an exclusive contract for five years to distribute general insurance products of French insurer Axa through the windows of its Turkish subsidiary, with about 24 million, according to a statement released Thursday.

In addition, Dexia and KBC have passed stress tests which both banks have been submitted, the newspaper reported on Thursday Dutch De Tijd.

EDF and GDF Suez solder joint activities

After working together for over 60 years, the distribution of the two groups now find themselves in competition. These services are common to both energy giants could specialize in divorce and business, says Les Echos.An announcement should be made this morning, the newspaper said.

Alcatel-Lucent. The investment fund Permira is the favorite to take over the division of Alcatel-Lucent company, said on Wednesday sources close to the matter. The sources said Permira offers $ 1.3 billion (about 907 million euros).

Air France-KLM. The pilots of the National Union of Airline Pilots (SNPL) voted in favor of the project "bases province" of Air France, intended to counter the low-cost airlines, said Wednesday a spokesman for the airline, confirming information in La Tribune.

Innate Pharma wins a big partnership

The laboratory Bristol-Myers Squibb will develop and commercialize the antibody developed by biotech IPH2102 Marseille Innate Pharma for the treatment of cancer.A first payment of $ 35 million (24 million) could be followed by other payments, based on performance. In total, the licensing agreement could yield $ 465 million (319 million) in Innate Pharma.

Casino. The retailer Almacenes Exito Colombia, a subsidiary of French retailer, said Wednesday its intention to conduct a capital increase of $ 1.4 billion in the second half to repurchase shares held by its parent company in Uruguay.

Interparfums has signed an agreement Balmain home on the creation, manufacture and distribution of fragrances, according to a joint statement the two companies said on Thursday.

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"Exchange: managers hope a better season

That night, the Greek Parliament gave its confidence to the new government Papandreou for the implementation of an austerity program. This news was widely expected by the Paris market, which rose 2.04% Tuesday night at closing. If the ad is positive, this explains the slight decline in anticipation of the index in Paris on Wednesday, which fell by 0.50% in mid-session at 3857.71 points. It is thus unlikely that the Cac 40, which has recovered to 3877.07 points last night, without addressing today at 3900 points mark.

For despite the vote tonight, Greece remains in a serious situation. The country needs to pass before June 30, the austerity plan that provides savings of 28.4 billion and 50 billion privatization until 2015.Persistent concerns explaining the lack of investor optimism since the beginning of June.

At the macroeconomic level, the announcement of an increase in the INSEE industrial morale in June, was not enough to give a positive trend. Industrial orders in the euro area rebounded 0.7% in April from the previous month, said Wednesday the EU statistics office Eurostat.en March, they had recorded their first decline in six months, 1.5 %. Eurostat has slightly revised its initial estimate, which gave an even stronger decline of 1.8%. On the macroeconomic front, investors should exercise great caution before the press conference of the U.S. central bank in the evening.The economic outlook in the United States could be scaled down and the Fed is expected to confirm the end of the support measures.

As for currencies, the vote of confidence of the Greek Parliament supports a slight decline in the European currency. The euro fell slightly against the dollar on Wednesday, suffering from profit taking after the sharp rise the previous day. Around 11:00 in Paris, the single European currency was worth 1.4401 dollars against 1.4408 late Tuesday.

In terms of oil, the news does not really have an impact on price developments, mixed Wednesday. Relieved by the vote of confidence, the market is wait until the end of the meeting of the American Fed. In morning trading, a barrel of "light sweet crude" for August delivery lost 46 cents to 93.71 dollars.That of Brent North Sea crude for August delivery gained 31 cents to 111.26 dollars.

Carrefour degraded

Carrefour (-1.52%, 26.89 euros) Moody's said Tuesday it had downgraded the outlook from stable to negative. Yesterday, at a general meeting stormy, the splitting of Dia was approved while the shareholders voted in favor of renewing the businessman Bernard Arnault on the board.The current Group Chief Executive, Lars Olofsson, will take over the chairmanship of the board of directors in place of Amaury de Seze.

EADS (+0.11% at 21.78 euros): Louis Welsh, CEO of EADS, the parent company of Airbus, said Wednesday that the European aircraft manufacturer plans to save the day at the Paris Air Show orders for its A380, the largest airliner in service in the world.

Total (-0.76% to 38.58 euros) assigned to a consortium of most of its petroleum distribution assets in the UK, the Channel Islands and the Isle of Man, for about 450 million.

Societe Generale (-0.87% to 39.82 euros). Shareholders representing 68% of the shares of the group opted for the 2010 dividend payment for new shares.The number of new shares issued for payment of the dividend is 23,901,432 shares, representing 3.2% of current capital of SocGen.

The title was up Altran Technologies (3.01% to 5.51 euros) on the Paris market on Wednesday midday, taking advantage of the positive outlook of analysts following a meeting with the new CEO of technology consulting .

The Tanner (suspended) Qatar Luxury Group has launched a simplified tender offer for the remaining capital of leather goods at the same price of 6.51 euros per share. He already holds 54.73% stake in the Tanner, whose listing is suspended.

Areva (-1.71% to 25.61 euros) The Supervisory Board endorsed the group's arrival Tuesday in place of Luc Oursel Anne Lauvergeon. This should also not give up his severance pay.

The finance ministers of the euro area are mobilizing to prevent a collapse of Greece. The central bankers in the eurozone have defined the conditions of payment of a further tranche of loans in July, this aid is part of the first plan in support of Greece to 110 billion euros in loans over three years promised last year by the Europeans and the IMF, but the payment was a time been questioned. But the finance ministers of the euro area indicate that the release of the loan must be accompanied by the vote of a new plan of austerity and privatization by the Greek Parliament. "To make the decision (on the disbursement of loans) in early July, we will need to have the decision of the Greek Parliament" in terms of austerity and privatization, said the Belgian Finance Minister Didier Reynders.And Athens has no choice because without this loan the country, faced with deadlines refinancing risk bankruptcy next month.

In the longer term, the ministers also laid the groundwork for a new plan. In fact, new support is essential to Greece to avoid bankruptcy in the longer term, the foreground is revealing enough. And this time, the private sector should be involved. Banks and other private creditors and participate in this new plan free instant credit score. However the contours of that plan remains to be defined.

"The ministers agreed that the additional funding required will be financed both by official and private sources" indicate the ministers in their statement.They "welcomed the goal of voluntary involvement of the private sector in the form of roll-overs informal and voluntary debt Greek existing mature," he added. The "debt roll-over" means, in financial jargon, the fact that creditors when loans mature, replace them with others of a similar amount. Ministers stress that this operation should be a contribution "substantial" in the Greek program "and avoid a default (of payment) selective" in the country.

Small flat, the "main parameters of a new funding strategy clear" should be defined "by early July," indicate the ministers.While they had initial aim "to discuss the participation of private creditors," stated Jean-Claude Juncker, adding "the question is" how far it can and must go. "

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SFR launched Tuesday its new line of mobile phone plans. With two major innovations. On the one hand, the possibility of a subscription without changing phone. In return, the package price would drop, drop up to 35% or 45%. An operation by which shock SFR is preparing for the arrival of Free, who has promised to halve the bill of a mobile home.

It is also a break with current trends in the mobile consumer, where the majority of subscribers are systematically changing phone – even if they still works – as soon as they leave for a new package of 12 or 24 months. Environmentally unfriendly habit while recycling is cumbersome to organize and costly for operators heavily subsidize the purchase of the phone.

The operators seem determined to break this vicious circle."Until now, subscribers have paid for urban subscribers of fields, those who do not change their mobile paid for those who changed all the time. Today, someone who does not change his mobile will pay less, "said Frank Cadoret, managing director of consumer and professional SFR La Chaîne Techno. Numericable and La Poste, which both come to embark in Mobile, made the telephone subsidy packages without the spearhead of its strategy to offer aggressive pricing packages paperless payday loans.

Bill Lefebvre

One way to take the lead for several months while the regulator (Arcep) wants to clarify the grant of the mobile.And it is also an objective of the Secretary of State for Consumer Affairs, Frédéric Lefebvre, who introduced his bill on consumer protection, on 1 June

The question remains whether consumers will be seduced, while, in turn, device manufacturers continue to offer ever more innovative models, adding 4G, 3D, contactless payment technology and other discovery.

Another new SFR must formalize its agreement with the online music site Spotify announced in Le Figaro (our editions of May 14). Like with Deezer Orange, SFR will offer several packages including mobile phones with unlimited Spotify. One way to consider another major change current practice: the decline of the voice and the booming exchanges of data, whether text messages, emails, web, video or music files.

On Thursday morning, Veronica has resigned to go through the door of Deco, the charity for families in debt. "To keep a little dignity and do not lose your head," the young woman slips, looking weary. At age 41, mother of a boy of 7 years, Veronica is unemployed, as her husband who had to close its microenterprise. Riddled with debt, the couple has any income to EUR 400 for unemployment benefits, for 2500 euros in charges refund! They have no less than ten credits on the arms: property, auto, personal, card purchase … not to mention the liability of the company, social security arrears and income tax. Today, Veronica sees no alternative but to initiate insolvency proceedings. "To start over, she hopes.All our goods will be confiscated, it will be under supervision of a director for five years, but then finished the debts, they will be erased. "

A little behind, hidden behind thick glasses, square Pedro feverishly bothers her phone number. If using Deco is an attempt to renegotiate two loans: a consumer loan of 8500 euros contracted with Cofidis and a mortgage of 15,000 euros to the Central Fund deposits that could not pay despite the sale of his house in August 2010."I look forward to rescheduling or pay only the interest, time to recover."

The difficulties for this young professor began after the dismissal of his wife in 2009 and in January he has lost 200 euros from his salary, the first result of government austerity measures, so that today his income does not exceed 1,500 euros, to pay a rent of 650 euros, ongoing expenses and academic studies of her two children. "We can not do it. It has sought help from family, but it's hard for everyone, the quadra confesses. For the first time in my life, I went to the food bank. "

Examples such as Pedro or Veronica, the association received more than twenty per day, not counting the numerous letters bad credit unsecured personal loans.They are between 30 and 45, they are engineers, professors, lawyers, employees … a simple high school education or higher, an average income of 1,500 euros, an average of five credits in their passive but often much more. In 2010, Deco has received 17,372 applications, twice more than in 2008, owing much to job loss.

Cumulative effect

Natalia Nunes, head of the division of debt, also denounced the irresponsibility of financial institutions, which for years have opened the floodgates of credit, facilitated by attractive interest rates, but also households who, " lack of financial education, have left illusions. "The illusion with the entry into the European Union is to have grown to become a rich country. Credit is very recent in Portugal, it dates from 1990.It was a real revolution in a country of culture rather closed, "says Natalia.

Result, in 2009, according to the Bank of Portugal, the rate of household debt amounted to more than 130% of their disposable income. And for Natalia, for sure, the problem will intensify in the coming months with the recession and the restrictive measures imposed by the IMF-EU agreement. "There will be a cumulative effect between the abolition of tax relief, cuts in welfare, freezes wages and pensions, rising prices and interest rates," explains the manager. Ironically, this makes the success of collection companies. "It would create a weekly basis. They are there to exert psychological pressure, they even go to the neighbors, "denounces Natalia. On the mode of cobrador do fraque (collector habit), a local tradition in which the collector, dressed in black coat, says his victim …

The chic below Chantal Thomass change hands. The Sun Brand Apparel Group, its owner since 1998, sells the brand premium to the group Chantelle. Works just be informed and that of Sun reported Monday a favorable opinion. Only remains to finalize the signing of the founder, Chantal Thomass, who holds 34% stake. It is currently negotiating an agreement to continue to oversee the creation and an option to sell its shares in the next few years. The transaction price is estimated at 6 million.

"It's been ten years that Sun is planning to separate from the brand but had always hitherto encountered opposition from Chantal Thomass, says Luc Genet, elected at Sun CFDT Our group realized that the Luxury was a world apart from ours and not as profitable as retail.They have not occupied the brand and let it sink. "Turnover Chantal Thomass would be increased from 14 million a decade ago to 8 million last year, with a loss of 2 , 1 million. According to the union, the shareholder of Sun for five years, the U.S. fund Sun Capital Partners, "undressing the bride to return the cash before selling the group."

With Chantelle, Chantal Thomass is a partner of choice Faxless payday loans. It is indeed one of the last French lingerie that has not resigned to suffer the inexorable decline of the sector. Employing 6,200 people for a turnover of 340 million euros, he went all-out on the distribution and brand while keeping both plants in France.Together with its claws Chantelle and Passionata, he developed the brand Darjeeling (126 shops in France) and acquired in 2006 Orcanta group Pinault (56 stores), which are already sold products Chantal Thomass.

Private name

The designer to the eternal dark fringe is about to write a new chapter in the eventful life of its brand. After having sold the Japanese group in 1985 World, she had been dismissed and deprived of her name. Then the company was liquidated in 1996. Chantal Thomass was then able to redeem his name and raise its claw with the Sun group, then in the hands of the U.S. Sara Lee. 42 employees will be included by Chantelle as part of the redemption. The elected Dim worried about the activity of other employees who worked in part for Chantal Thomass, one year after the restructuring, the group also Sun, the Playtex brand.

The global automotive industry has been particularly affected by the consequences of the earthquake in Japan on March 11. The problems of supply of parts continues to disrupt production lines. And the worst is to come as manufacturers currently still draw on their inventories of components for the shortages. But at this rate, stocks should soon be exhausted. Thus, according to the consulting firm IHS Automotive cited by Les Echos, the peak could be reached in early September, during which 3.4 to 4 million vehicles will not be produced because of supply problems.

In total, throughout the year, the Japanese earthquake could result in the loss of 2 and 3 million compared to 77.6 million vehicles produced per year, according to IHS Automotive.For now, the consulting firm believes that manufacturers could not produce the equivalent of more than 1.5 million vehicles have been produced in response to supply disruptions in supply chains which 1.1 million in Japan.

The magnitude of these shortages can be explained by the importance taken over the years by the electronics in vehicles bad credit payday advance. Electronic systems account for nearly 30% of the cost of manufacturing a car. But the main producers of these components are Japanese and there are few alternative sources of production. For example, Japanese Renesas which manufactures control systems gearboxes, holds nearly 40% market share.

Return to normal until 2012

Once past the peak, automakers will try to work extra hard to regain the level of production prior to the disaster even at higher levels to meet demand and replenish their stocks. But nothing says that the factories will be able to keep pace. In fact, the capacities of production lines are limited. On the other hand, the collapse of the automobile demand in Japan could encourage manufacturers to be cautious.

Thus, the groups should take time to catch up with the volumes that have been lost following the disaster of 11 March. Some analysts believe the situation should not be completely restored until 2012.

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If humanity continues its momentum, it will consume in 2050 three times more raw materials than today. "Far beyond what is bearable." The warning is clear. And it does not derive from Lester Brown, president of Earth Policy Institute, which multiplies the books for decades on the depletion of the planet or the WWF or Greenpeace, but the UN.

In forty years, some 9 billion people consume 140 billion tons of minerals, hydrocarbons and biomass (wood, crops, livestock), as reported by the UNEP (United Nations Environment). Or 16 tons of natural resources swallowed each year by each person on the planet."Policymakers and the general public are still not convinced of the absolute physical limits on the amount of resources available to humanity," the authors note, a dozen experts led by an Austrian and a South African.

Doing more with less

To avoid shortages and social tensions and geopolitical they would generate, the world must "do more with less." Sustained growth requires massive investment in "technological innovation, financial and social." One difficulty lies in the considerable disparity in the exploitation of raw materials. An inhabitant of an industrialized country consumes an average 16 tons per year, four times more than Indian.

In rich countries, the differences are equally impressive.A consumer of Qatar, Australia and the United States swallows 40 tons of natural resources per year when a French, a German or an Italian uses about 15 tons. These figures do not reflect the reality only partially, note the rapporteurs of the UN. For a tonne of copper extracted in Chile will be charged to the consumer in their calculation Chilean even if it is used to manufacture a product sold in China or Europe. These methodological weaknesses therefore do not change the risk of global depletion of natural resources. Even if industrialized countries were able to halve their consumption of raw materials by 2050, not living to 8 tons, and that developing countries joined this level without exceeding the total amount to 70 billion tons, or 40% more than today.This scenario (No. 2 in the graphics) would be accompanied by a doubling of greenhouse gas emissions, a path inconsistent with the objectives of the international community in the fight against global warming.

Amid these grim prospects for the environment, the UN report uncovers some reasons not to despair. The global trend towards urbanization is paradoxically supports better use of natural resources. A densely populated area per capita is more economical building materials, energy and transportation, the experts argue.

Another reason for optimism, emerging skip some stages of development by adopting technologies directly or models that consume less raw materials, how they embraced the mobile phone have not finished building the fixed telephone network.

The euro has dropped by nearly 5% in a week. Such depreciation on the foreign exchange market in such a short time is rare. If some investors have been illuminated reap gains from the sacred, others had to lose a lot!

The euro rose against the dollar over from 1.49 to 1.42 in one week. (Chart from the trading platform of Saxo Bank)