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"Putting the power company …" The direction of the station now grows a term formerly claimed by a management offensive as Valeo at the time chaired the Christmas Goutard automotive supplier.

Wednesday, during its monthly board of directors, the "power" of the railway company was primarily an opportunity to recall the debt at 7.2 billion euros in 2009 and close to 10 billion in 2010 leaves little leeway in its leaders.

For employee representatives, plans to reduce costs envisaged will weaken the company and increase quality of service degraded.A unanimous position of the various unions that have signed on Tuesday a statement they regret a "financial strategy" unacceptable in their eyes "a national public service."

Yet the 2011 budget to the station is in line with previous years. The business plan submitted in July 2010 foresees a reduction in costs of 4 billion euros by 2015, including 500 million euros for the single year 2011.Now the company will face this year to 3.2 billion euros of investments including 2.6 billion on capital in particular to take delivery of its Ile Bombardier and Alstom's TGV Duplex ordered in 2006 and 2007.

1850 posts in less

To stop the progression of its debt, the company should reduce the negative situation of its cash available – 70 million euros in 2011 against – 500 million in 2010. The turnover of the SNCF in 2011 should rise 33.6 billion euros against 30 billion in 2010.

On the employment front, as Guillaume Pepy had mentioned early December, 6350 departures are planned for 2011 while 4500 recruits will be held in parallel, which is equivalent to removing 1,850 positions.Earlier this month, the president of the SNCF said that while overall enrollment shrank in the parent company (employing 155 000 persons), it was thanks to productivity efforts. There is "zero redundancy 'and' zero early retirement" in his words.

A round table on employment must meet in January the company management and unions. It must in particular address the downsizing affecting the freight industry: it has lost 30% of its workforce in four years.

Over the past year, the liquidator American, Irving Picard, chasing all the supposed beneficiaries of the scam ridden by Bernard Madoff. The latter is currently serving a sentence of 150 years in prison for organized fraud that has cost 65 billion dollars to about three million savers. Among the victims, celebrities, like Liliane Bettencourt who lost 22 million euros.

The liquidator has until Saturday to file complaints against alleged accomplices and ask for funds for victims. Under U.S. law, plaintiffs have two years to initiate legal action from the day they discovered the fraud. Several major banks are in the eye of the cyclone. The most recent: Natixis, Fortis, Citigroup or Merrill Lynch.

But charities that had benefited from income or donations from fraudulent and individuals are also pursued by the liquidator. This is particularly true of family members of Bernard Madoff. He has launched legal action against London including his brother Peter and her children Mark and Andrew. He said some hope to get $ 80 million of these lawsuits against the family Madoff.

$ 9.1 billion claimed to Austrian banker

But of all the complaints filed by Irving Picard, one he hopes to recover the most money is an action against the founding president and principal shareholder of the Austrian bank Medici, Sonja Kohn.Described as "soul mate criminal" by Bernard Madoff, the latter is accused of having created the Medici bank only to convey funds to the tune of 9.1 billion dollars to "Bernie Madoff. Today is the amount that the liquidator is claiming. For the latter, Sonja Kohn acted "under various names and disguises." "For over 20 years, Kohn has organized a vast assembly illegal to exploit its relationship with Madoff to drain more than $ 9.1 billion of money from others in its mounting Ponzi," according to the terms of the complaint filed Friday.

He added: "The unlawful assembly Kohn has enriched his family and dozens of other individuals and entities, including the largest banks in Austria and Italy, the costs of goods and BLMIS on the backs of victims of Madoff "reads yet.The liquidators expect to recover from it, six members of his family, the Italian bank Unicredit, its subsidiary Bank Austria and 53 other individuals and entities, a total of 19.6 billion.

In Vienna, a spokesman for Bank Austria, Martin Halama, responded Saturday by saying that this institution was "otherwise vehemently to this complaint. The latter we have not yet been released, and therefore we can not comment in detail, "he told the Austrian news agency APA, while reiterating that the Bank Austria sees itself in this case" as a victim and not an accomplice "by Bernard Madoff.

HSBC

Nine billion. It is the largest amount claimed by Irving Picard to a company in Madoff.And this company is HSBC, which the liquidator has "created, promoted and supported an international network of a dozen feeder funds domiciled in Europe, the Caribbean and Central America." British bank denies everything. "HSBC will vigorously defend against the prosecution of the case Madoff who are in various jurisdictions worldwide, including lawsuits in partnership with the United States," argued the bank in a statement.

JP Morgan

Main bank fund Madoff, Bernard L. Madoff Investment Securities, JP Morgan is also accused of complicity by the liquidator bad credit pay day loans. The liquidator claimed $ 6.4 billion. He said the U.S. financial institution would be encouraged and assisted the fraud set up by Madoff."JP Morgan has voluntarily closed its eyes to this fraud, even after being aware of the many warnings against Madoff," wrote one of the boards of Irving Picard in a statement. JP Morgan said the accusation was "irresponsible and exaggerated."

UBS

Irving Picard calls for an additional $ 555 million in Swiss bank. This brings the total amount requested from 2.5 billion dollars.UBS is accused of complicity in the scam. Specifically, he alleged that UBS had recovered the money stolen by Madoff investors in its two funds, mutual funds and Luxalpha Financial Group Limited. UBS, which has denounced the accusations "false", said he was not "liable to those investors unfortunate consequences of the scandal Madoff.

Natixis / Citigroup

And the list goes on.The administrator responsible for the liquidation of the company from American financier Bernard Madoff has filed a new action against seven banks, including Citigroup and Natixis which Irving Picard calls respectively 400 million and $ 425 million. The other five are the Belgian Fortis (BNP Paribas), the Dutch ABN Amro, the Spanish Banco Bilbao Argentaria Vzcaya, Japan's Nomura and Merrill Lynch groin Americas, owned by Bank of America. Natixis dispute a charge, saying "have always acted in good faith and has neither received nor participated or had knowledge of the fraud committed by Bernard Madoff.

BNP Paribas

The liquidator has also filed a complaint against Legacy Capital BNP Paribas and he accuses of having profited from the scam. According to Irving Picard, Legacy Capital has received at least $ 255.8 million (191.3 million euros) by Bernard L.Madoff Investment Securities (BLMIS) between 2000 and December 11, 2008, when the fraud was revealed. Of this total, some 89.3 million represented payments fraud. However, according to the administrator, BNP Paribas took control of the accounts of Legacy Capital in 2004 while being aware of suspicions of fraud at the time already weighing on Bernard Madoff.

The Wall Street Journal, Irving Picard hopes to recover more than $ 30 billion, while losses of victims is estimated at $ 21.2 billion.

European initiatives undertaken

The shareholder advisory firm, Deminor, while welcoming these actions, consider that they ignore the indirect victims. "These actions aim to raise as much money for the benefit of" liquidation Madoff, "to be redistributed to the" clients "Madoff.However, the vast majority of European investors defended by Deminor indirect exposure Madoff through funds or banks, "says the firm. Deminor and advises investors not to "rest on the actions of the liquidator and European initiatives to undertake in order to obtain full compensation."

Good news came to the ears of victims: Tuesday, the Geneva bank, UBP has paid by cash almost half a billion dollars to the "Trustee" American authority administering the bankruptcy funds formerly controlled by Bernard Madoff. An agreement between the bank and the liquidator that the Bankruptcy Court in Manhattan must approve. This is the first international agreement on such a scale. Victims will cross our fingers that this is not the only one.

PPR Conforama succeeded in selling at high prices. The furniture chain, bought in 1991 to LVMH, will pass under the flag of South Africa. Steinhoff, a manufacturer and distributor of furniture now in England, Germany and Italy, won the auction organized by Rothschild.

Reportedly, the group, advised by RBS, Citigroup and HSBC, had already completed its financing, and set the table a little over 1.6 billion euros. Steinhoff, who was interested in Conforama past two years has outstripped the Carlyle consortium led by the owners of Purpose, associated with the Permira Funds. With the result of this sale, François-Henri Pinault, the CEO of PPR, which also seeks to separate from FNAC and La Redoute, may redeem the clothing brands to build a pole "sport-lifestyle" around Puma.

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Here's a publicity surely happen Eric Cantona, with Tuesday, December 7, the day of his famous "revolution." The former footballer has called for mass emptying bank accounts in a video aired on October 7, which generated a buzz relayed in several European countries. A call that comes just months after participation of the wife of Eric Cantona, Rachida Brakni actress, an advertising campaign for the LCL. This TV spot was broadcast from 4 to 25 April last and praised the commitment of the bank on the mortgage.

"Everyone makes choices in the couple Cantona. If the wife of Eric Cantona has lent his image to an advertisement for LCL's history, "Is there at LCL. The bank has not wanted to comment on the appeal of the former footballer to destabilize the banking system by emptying the institutions' accounts.Following the video of Eric Cantona, French banks have long been silent. But last week, Societe Generale and BNP Paribas have both eventually respond.

Call "insécuritaire"

"Withdraw money from banks, it is extremely dangerous for both itself and (…) it would be as dramatic for the whole system," said Jean-Francois Sammarcelli Friday, Deputy CEO of Societe Generale at a press conference. He also felt that the crisis "should encourage everyone to be thoughtful and cautious."The day before, Baudoin Prot, the chief executive of BNP Paribas, had held that the appeal of Eric Cantona was "typically ill-founded", "totally insécuritaire" and "completely contrary to what can ensure the functioning of the economy .

For the president of the National Union Bank (SNB), Regis Dos Santos, the "bank run" by Eric Cantona is a "false good idea, potentially dangerous." But this idea has "the merit of asking the right questions," he observes in an interview in Le Parisien / Today in France bad credit personal loan lenders. "However, if a panic occurs and if everyone rushed into the banks, then they could no longer play their role of irrigation in the economy," he adds. According to the head of the SNB, "companies, SMEs and individuals would be the first penalized.

"A goal against his side"

The "revolution" Cantona is unanimity among the political class on Tuesday, has distanced himself from the former football star. "Obviously the answer is not correct, I would say that really mark a goal against his side against France, against all of us realizing it," said Martine Aubry, the Socialist Party First Secretary , on France Inter. Minister for Solidarity, Roselyne Bachelot, "what are the French the most modest morfleraient. "We see what is happening in Ireland, if that's where we choose, and I want to me," she said on France Info.

According to Marine Le Pen, candidate to succeed his father as head of the National Front, "Mr. Cantona is the spokesman of the French who are indignant at the way banks and international financial markets behave.""It is also indicative of the inability of the state banks are put in it," she said on Radio Classique, but said she did not call to withdraw their money from banks. Eric Cantona "puts his foot in it on a real subject," said the national secretary of the Greens, Cécile Duflot. "It expresses the ras-le-bol vis-à-vis banks vis-à-vis the double set of banks that have been saved by the States," she said on RMC.

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"France is not threatened." The economy minister, Christine Lagarde, wanted to lie under catégotique Journal du Dimanche who said the opposite. "We have interest rate loan lowest after Germany. Compare France to Ireland is sensationalist, but not economically fair "she recalls, on RTL on Monday. "The financial markets have punished France in the period just ended. France is not in the same category as Ireland or Portugal, for its part said Sunday the Elysee.

Following the adoption by Europeans of a bailout of 85 billion euros to Ireland, the economy minister said that "everything has been put in place to reassure financial markets.We have demonstrated that Ireland was a serious country, able to reduce its deficits, which initially are still 32% (of GDP, Ed). I hope that the fire is extinguished. "

"We do not really know who's boss"

Yet investors continue to remain febrile, fearing a "domino effect". "Financial markets are often irrational. But it is true that Europe is difficult to understand. We do not really know who's boss. They want to know "who decides?, Who pays, and what fate will be reserved if it goes wrong?".

To do this, Herman Van Rompuy, President of the European Council, was mandated to improve the economic governance of the euro area. We talked (during the meeting of finance ministers of the euro area Sunday), all of our situations and reaffirmed our desire to better govern ourselves economically.This is what financial markets expect, "she said without really going into details.

To reassure markets worried about the finances of both countries, the ministers of the euro area have also accelerated the preparations for the future Permanent Fund support to countries in crisis, known to emerge in mid-2013, replacing the current mechanism, temporarily.

We can have decent income and yet live uncomfortably, for example in housing too cramped in the Paris region. Therefore INSEE looked this year on the issue of quality of life in his study of the French "France Social Portrait."

To scientifically measure the quality of life, statisticians have relied on very specific indicators: the state of housing (noisy or not well heated or not …), food (eating meat every two days …) , deprivation (such as lack of access to the Internet or on vacation …), the frequency of overdrafts … were also taken into account health status, degrees, the hard work, the risk of lose his job or being a victim of theft, violence.And INSEE added criteria such as human contact with family, friends, participation in associations.

Not surprisingly, a quarter of the population with the lowest incomes was 53% higher risk than average to have a quality of life deteriorated. In short, poverty "monetary" and poor quality of life go hand in hand. More worryingly, 22% of adults were once between 2004 and 2007 "poor living conditions, that is to say poor by the standards of quality of life. However, only 4% of people have been four years in a row. Poverty is often transitory.This applies, for example for young families with children.

Skid rents

INSEE point another phenomenon: the French who receive little pay in a year are often those who have not worked full time, mainly because they were part time or because they went through a period unemployment. A quarter of the lowest paid workers do not earn in a year that 73% of an annual minimum wage.

Working time is a major factor in inequality, which are corrected in part by social policies. The ratio of living standards between the richest 20% and 20% smaller increases from 7.4 before to 3.8 after redistribution.

These transfers do not prevent inequities habitat to grow.In 2006, housing costs (rents, expenses, loan payments minus allowances) accounted for 39% of household budgets with limited resources, against 27% nationally. It must be said that in ten years, rents for low-income households have increased by 42% and only 28% for other households! Improving housing quality (surface, heating …) is far from explaining all this up. There have been a slip of rents in France in recent years.

The U.S. stock market should open slightly lower on Monday. Futures on Standard & Poor's 500 and Nasdaq 100 recoil indeed respectively from 0.31% to 1218.10 points from 0.27% to 2178.75 points. On Friday, Wall Street closed slightly higher. The Dow Jones gleaned 0.08% to 11,444 points, the Nasdaq is up 0.06% to 2578 points and the S & P500 0.39%.

Buoyed by the announcement of support measures by the Fed and the victory of Republicans in the midterm elections in the U.S., the S & P 500 jumped by about 16% since the beginning of September.

However, after crossing without incident a week marked by three key moments – pushing the Republican Congress, the Fed's decision to inject further liquidity and employment figures for October Wall Street likely to experience some difficulties to find a direction in the coming days.In fact, investors have therefore very little evidence to base their belief in the coming days in American markets.

Indeed, the earnings season coming to an end and the calendar is very light this week in macroeconomic indicators. Among the few publications that can influence the ratings this week are, however, later results, performance, Cisco's, Macy's (Wednesday), Walt Disney, Viacom (Thursday), and DR Horton (Friday) and side indicators, the index Preliminary Thomson Reuters-University of Michigan consumer confidence measure Friday.

Financial compartment, which is lagging behind since the beginning of the current upward cycle in U.S. markets, however, could allow Wall Street to find a second wind.Indeed, many analysts expect the Fed will soon allow them to better health facilities to increase the amount of dividends paid. Friday, JP Morgan Chase, Bank of America and the S & P 500 financial stocks had risen in this perspective.

On the foreign exchange market, the euro lost more ground against the dollar in late morning. The European currency was worth 1.3933 dollars against 1.4031 dollars on Friday.On Thursday, the euro had risen above $ 1.42 for the first time since January.

Values to follow

The side of values, the online retailer Amazon may announce the acquisition of online distributor of personal care products and beauty Quidsi for $ 540 million, said Monday morning the Wall Street Journal and The New York Times.

Always on the side of values, the transatlantic exchange group NYSE Euronext has seen trading volumes jump 6.2% on year to 7.5 million contracts daily on its derivatives markets in October.This dynamism of derivatives is mainly due to soaring trade on U.S. markets option of NYSE Euronext, which jumped 23.8% to 3.9 million contracts, offsetting lower volumes in Europe.

For its part, the group had consulted AOL Internet Banking Board to help evaluate strategic alternatives, including a merger with its archrival Yahoo, says the Wall Street Journal. AOL already has in the past discussed a possible merger with Yahoo!. At this stage no formal discussions would be ongoing between the two groups, however, says the New York daily. In addition other options not involving Yahoo! would also be considered, says the newspaper.AOL, which made its return on the stock market there is nearly a year after eight years of a disastrous marriage with Time Warner, would be encouraged to marriage by some members of the board of directors of Yahoo! AOL's CEO Tim Armstrong had recently revisited the idea of an association with Yahoo! In September AOL, whose market capitalization is almost ten times lower than that of Yahoo, has announced the acquisition of TechCrunch.

Also note, Boeing announced after market close on Friday, delaying the delivery of its 787 Dreamliner 10 months for several airlines including Korean Air and Air India.The first delivery Nippon Airways, however, is still scheduled to first half of 2011.

Moreover, still in the aerospace sector by Letter to the American Expansion, Hamilton Sundstrand, which is part of United Technologies would be interested in buying the French group Zodiac. The U.S. company, which team including Boeing 787, would be interested in buying Zodiac Aerospace, with whom he collaborated in the past and whose products are complementary to his, wrote Monday Newsletter Expansion.

Wall Street was plunged into doubt. Around 18.20, the New York Stock Exchange, the Dow Jones gained 0.16% to 10,430 points while the Nasdaq lost 0.22% to 2231 points. The S & P's side takes 0.21% to 1107 points.

The markets had already started the session on an uptick, pending the speech of Barack Obama on the state of the economy. This has reinforced doubts about the slowdown, fueled since the beginning of the week by the Fed. Obama has indeed reported an economic recovery "painfully slow". The President has yet tried to reassure the markets: "There is no doubt that what we are trying to do is designed to boost growth and create additional jobs in the economy. I mean, it is our priority. "In vain.

Moreover, U.S. wholesale inventories rose 1.3% in July, their highest rate since July 2008, reaching 404.98 billion dollars (318.84 billion euros). This increase is more than three times greater than that envisaged by economists, who expected an increase of 0.4%. The ratio of inventories to sales, which measures the theoretical flow time in inventories, rose to 1.16 months, its highest level since February, after reaching 1.15 months in June

On the foreign exchange market, the dollar loses ground again against the euro. The single currency traded at 1.2731 dollars (0.42%).

Electronics supervision

On the side of values, maker of semiconductors, National Semiconductor, released after the stock market, strong results, benefiting from strong demand for chips for mobile phones and terminals industrial applications.However, projections of group sales are below consensus expectations. In its fiscal quarter ended August 29, National Semiconductor has earned a turnover of 412 million, up 31%. The operating margin was 70.9% (against 61.1% last year), a record for the company. The titles are punished: -5.47% to $ 12.20.

For his part, the U.S. manufacturer of electronic components Texas Instruments (-0.80% to 23.65 dollars) tightened its forecast for the third quarter, with turnover expected between 3.62 and 3.78 billion dollars, which would increase over one year. The previous range was advanced in July a quarterly revenue expected between 3.55 and 3.85 billion dollars.Earnings per share are now expected between 66 and 72 cents, against a previous range of 64-74 cents.

Always on the side of values, the BP (+0.16% to 38.08 dollars) traded on Wall Street, announced in the morning one week postponement of the publication of its results for the third quarter, a delay that The company justified by the complexity of accounting for costs related to the oil spill in the Gulf of Mexico.

Also note, the giant Internet Google (-0.27% to 477.48 U.S. dollars) has announced the opening of a research and development in Paris, which should employ fifty engineers invest between 5 and 10 million dollars in the creation of a cultural center.

Growth "Asian" in the German economy would it an exception in a darkening global economic outlook? If the recovery is underway in Germany at rates higher than expected, also signs of fragility are multiplying on the front of the economy, and the unlikely scenario a few weeks ago a "double dip" – in the new dive recession – until now reserved for a few pessimists, is no longer excluded.

The warning came Tuesday from the Bank of England (BoE). "I think it would be unwise to say that this risk does not exist", said in an interview to The Times Martin Weale, who joined in July, the Monetary Policy Committee of the Central Bank. Martin Weale has raised the risk of rising unemployment, lower housing prices and a new crisis in the banking sector."There could be a sovereign debt crisis or it could be a new crisis of liquidity in the private sector," he said. The economist also said that the BoE's forecast, which assumes 2.8% growth in 2011 in England and 3.2% in 2011, could prove too optimistic.

U.S. housing decline

His remarks have increased the nervousness of the markets, which were significantly Tuesday on the downside. The poor performance of the U.S. housing sector that is highly sensitive for triggering the financial crisis and global recession, have added to tensions.Sales of existing homes, which represent between 90 and 95% of the market in July has been an unprecedented fall of 27.2%, falling to their lowest level since 1995, according to data from the National Association of Realtors (NAR) payday advance.

The market suffers from April to the end of the tax credit on buying a first home. Shortly before the publication of these statistics, the chairman of the Federal Reserve Bank of Chicago, Charles Evans, acknowledged that the risk of relapse was increased in the last six months but said "it is not the end most probable. " He expressed concern at the continued strength of the recovery, even though the second estimate of GDP in the second quarter, due Friday, should be revised sharply downward to 1.4% against 2.4%.

In Europe, the wave of rigor that will weigh on the recovery.Even rating agencies are worried. Having sanctioned the debt spiral States, first of Pigs (Portugal, Italy, Ireland, Greece and Spain), which has led most states to adopt austerity plans, a study by Moody's published before yesterday stressed the risk posed by these savings measures on growth in the short term and the rating states. These concerns about growth in Europe have prompted the agency to lower its rating on Greece, Portugal, Spain, Ireland and outside the euro area, on Hungary. "We carefully monitor the ways chosen by governments and their potential to generate growth," says the agency remains confident that the marking of France, Germany and Great Britain, even though these notes have weakened since the crisis.

Not enough to blow up. Just enough s'émoustiller. The latest figures on the activity of M-acquisistions in the world suggests that companies begin to get wise to close.

In the past month, little more than 3,000 mergers and acquisitions have been recorded by Dealogic, but they were larger and ultimately totaled some 241 billion dollars. This amount had not been exceeded since December 2009, when analysts were anticipating a return of marriages companies.

Unless the meantime, the European crisis and volatility in financial markets have cooled the planet finance. And engagements have been postponed.But now that the equity markets stabilize, that Europe has erased all fear most about its viability and that the U.S. economy marked positive signs, a new wave of mergers and acquisitions could emerge. Above that company accounts have significantly cleaned up and financing conditions have also improved over the last few months.

But, given the length of the process, do not expect a peak to occur before the end of the year or early next year.

A climate still uncertain

If Sanofi-Aventis materialize its operation to about 20 billion dollars over Genzyme, the counter of mergers and acquisitions would be more energized.And the big investment banks that advise companies in discussions, would be delighted to manage more than big business.

But analysts said the large operations in July – for example, EDF and the China Cheung Kong $ 6.9 billion – were already in the pipes, and it is too early to predict a genuine resumption of the M & A (Merge and Acquisition) in the world. There are still too many uncertainties about the evolution of world economies.

Funds return

Investment funds account for 27 billion worth of M & A in July alone. A larger weight should be maintained, after the years 2008 and 2009 of discretion. These funds have indeed considerable resources.

2010 promises to be better than 2009

In 2009, mergers and acquisitions fell by more than half compared to 2008.Of the first seven months of 2010, nearly 1.5 trillion dollars of deals are made. It is almost 15% from a year before.

But we are still very far from the previous cycle peak of M & A – in 2007, the volume has reached 4.000 billion dollars.

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