The Minister of Labour Xavier Bertrand said on Sunday that the unemployment figures of the month in October would be "not good", asked the Grand Jury RTL / Le Figaro / LCI. The figures, to be published Monday, "will not be good and everyone knows they can not be good due to a crisis which does not come out yet and even in the field is growing," he the minister said."When we decided to discontinue its business relationship with a subcontractor and that is a very large group, we must notice," he said, adding also want to "support the employees of these subcontractors."

A permanent contract for temporary

Xavier Bertrand was also suggested to create a permanent contract in the agency sector. "I'm going to suggest to all companies in this sector to set up a permanent to temporary," he said, saying it might interest between 15 and 25% of the 500,000 temporary workers. The minister also stressed the need to improve the system's return to work after periods of unemployment.

Referring to the future of 35 hours, including the UMP says it wants "out", Xavier Bertrand said that France was already "out of 35 hours." He ruled out any "revenge" and "ideological approach" that "would penalize employees."

"Dear Silvio, a new opportunity to escape with Ryanair." It is this formula that the low-cost airline has launched an advertising campaign on its website to promote its flights to 9.99 euros from Rome.

With a photograph of the Italian Prime Minister taking in hand the new calendar of charity of the company filled with scantily clad women, Ryanair offers Berlusconi to "escape", while the head of government is experiencing a major political crisis in the country that could lead to step down.

This is not the first time that Ryanair uses the news to advertise.In August this year, the company overdone the matter Depardieu, who had urinated in the hallway of an aircraft during a flight on August 17. "We are not the only ones who piss on the competition," was written at the time Ryanair on its website. One thing is certain, if the company is ready to surf the news, this is rarely the best of taste …

The successor to the iPhone 4 unveiled Tuesday, the eve of the death of the co-founder of Steve Jobs, has, according to the second mobile operator in the U.S., an "extraordinary demand", despite no change in design.

The three major U.S. telcos, AT & T, Verizon Wireless and Sprint, have begun taking orders for the iPhone 4S Friday.Apple's flagship handset will be available in stores from October 14.

Comparison with sales of the previous generation is difficult because the iPhone 4 at its output was distributed only by the operator AT & T in the United States. It was then passed to 1.7 million copies during the first three days of its launch.

Some analysts expect Apple sells between 27 and 28 million iPhones for the quarter October to December.

Handsets running the Android operating system from Google, as the Galaxy Samsung, have become formidable competitors of the iPhone while Tim Cook has just taken the reins of Apple and its founder, credited with a strategic vision, has disappeared as a result of cancer.

The action of the first Swiss bank UBS has opened lower Monday after the surprise resignation of CEO Oswald Saturday Grübel after the scandal caused by the massive fraud by a trader who cost the institution $ 2.3 billion . After falling 2.17% at the opening, title UBS limited its losses, down 0.40% to 10.08 Swiss francs in a market down by 0.35% at 7:13 GMT.Sergio Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa and a former leader of the Italian bank Unicredit, will assume the position of interim CEO with immediate effect, UBS had said Saturday.

Gruebele Oswald resigned after the spectacular case of fraud which cost 2.3 billion dollars and another blow to the reputation of the first bank Helvetic. "The Board of Directors of UBS has accepted the decision of Oswald Grübel to withdraw from his duties" the bank said in a statement. Kaspar Villiger, President of UBS, said in the statement that "The Council regrets the decision of Oswald Grübel.The latter considers it his duty to take responsibility for the recent case involving unauthorized trading operations. "

"This decision reflects the strength of its principles and integrity," added the president of UBS, adding that "during his tenure, he managed to turn the company around and increased impressively in the UBS base ". M. Gruebele, 67, was taken from his retirement two years ago to address the UBS, after leading the rival bank Credit Suisse. Taking the head of UBS in the midst of the financial crisis during which the bank had lost billions of francs and posted record losses, Gruebele M. had returned to profit in 2010.

Oswald Grübel "retires from office after having helped UBS to become one of the best capitalized banks in the world" acknowledged Saturday the chairman of banking giant Helvetic.Kaspar Villiger said shortly after during a conference call that the board of directors of UBS did not want to see Oswald Grübel leave immediately and would have preferred to keep jusqu''à the shareholders' meeting in spring 2012. But Oswald Grübel, abandoning his position as Chairman of the Executive next year would not have constituted a strong enough signal, said Chairman of UBS from Singapore. UBS disclosed last week have suffered a loss of $ 2.3 billion (1.7 billion) after one of its traders had made "unauthorized trading".

A broker of 31 years, Kweku Adoboli on suspicion of fraudulent transactions, was charged and detained in London, as part of this young man will affaire.Le jailed at least until his next hearing on 20 October.The largest shareholder in UBS, the Singapore sovereign fund GIC, had reacted severely after the discovery of the fraud, calling the Swiss bank "to react firmly to restore confidence in the bank."

There are less than a week, however, Oswald Gruebele, had told the Swiss Sunday newspaper Sonntag, he did not feel guilty in the fraud case and had no intention of resigning. "I am responsible for what happens in the bank. But if you ask me whether I feel guilty when I say no", said the banker, Sergio P. Ermotti, responsible for the affairs of the bank in Europe, Asia and Africa, will assume the position of interim CEO with immediate effect, said UBS."The Board is deeply disappointed by the loss from unauthorized trading operations and will fully support the independent investigation," said UBS also in a statement.

Swiss bank UBS had started Wednesday in Singapore where one of its largest shareholders, a series of meetings of its Board of Directors, held in the utmost secrecy. Friday, Oswald Grübel, continued to assert that he had always trusted the board of the group, despite the fraud and rumors of his imminent departure, according to a Swiss newspaper. Réagisssant the shock wave caused by the announcement of fraud, UBS decided to suspend all advertising campaigns.

As part of a new package of measures to reduce the deficit for 3000 billion announced Monday by Barack Obama, President of the United States to unveil the creation of a tax on wealthy Americans with incomes above the one million dollars. This tax has already been dubbed "Buffett Act", in reference to billionaire Warren Buffett, who recently noted that the richest Americans are taxed less than the middle class.The New York Times, the millionaires tax would only affect 0.3% of taxpayers, less than 450,000 of the 144 million returns recorded in 2010. It integrates with a broad revision of the tax schedule by ending tax breaks granted under the presidency of George W. Bush to taxpayers earning over $ 200,000 annually.

Before they are formalized, these proposals have raised an outcry among Republicans. To Senator Lindsey Graham, "the tax code should be reformed as the sole purpose of creating jobs. When you tax one percent of the economy, this is called a class war." Criticism echoed by the representative Paul Ryan of Wisconsin. "The class struggle may be regarded as good politics but it rots the economy, he said on Fox News. We do not need a system that divides people.We do not need a system that exploits fear, jealousy and anxiety. "

In France, an outstanding contribution … and symbolic

Included in the austerity plan announced in late August, a 3% tax will be set up in 2012. It will labor income and capital in excess of 500,000 euros per year. And bring 200 million a year into the coffers of the state. "This is an exceptional tax" to be "removed" when the government deficit in France has been reduced to 3% of GDP, said the Prime Minister. If France keeps its promises, the tax shall remain in force until 2013 and disappear the following year.

However, the tax is considered "symbolic" by many observers. "It's quite symbolic and ridiculous," lamented the president of the Senate Finance Committee, Jean Arthuis.In common with many members of the majority of economists, the centrist senator favored the creation of a slice or two additional tax on high incomes. Even more virulent, the Socialist Party denounced as an "emblematic" of "cynicism" of government, accused of asking the rich "not to make a ninth" of the "check" that they made in reducing tax Solidarity on wealth (ISF). "It's really the political symbolism," joked Elie Cohen, research director at CNRS. He said eight months of the presidential election, the government wanted to "go in the direction of public opinion in favor of taxation of the richest."

In Italy, Berlusconi managed to water down the tax

After a first abandoned under pressure from Silvio Berlusconi, the richest tax is included in the austerity plan endorsed by Italy, September 14.But it will be much narrower than that previously envisaged. Set at 3%, finally it will only cover the income above 300,000 euros per year while the previous version had the highest of more than 90,000 euros.

In Spain, the wealth tax is reintroduced to finance regional

Pressed by the markets and the European Union to reduce its deficits, the Spanish socialist government has reintroduced this Friday for two years, the wealth tax, suspended in 2008. It ensures that it is intended only for the richest and 90% of Spaniards do not have to pay. This tax will concern that "about 160,000 citizens," "all the others do not pay," assured the spokesman gouverenement.A measure that would generate about one billion euros, and to fund areas that block the accounts of the country.

Also accused of touching a part of the middle classes, the tax was suspended in 2008. To answer these criticisms, the base has been changed: the taxpayers will be taxed on their property that beyond 300,000 euros, against 150,000 in 2007, and their assets in excess of 700,000 euros, against 108,000 in 2007. A constant parameters compared to 2007, the tax, "focused on the richest people" should report "around 1.08 billion euros," said Thursday the economy minister Elena Salgado

"All cash possible" recovered in 2011 and 2012 will be available to the regions, so that in 2012 and 2013 they have "more resources to meet their expenses," said Minister of Economy.The financial situation of the 17 regions, which have a high degree of autonomy is a recurring source of concern for the markets. At the end of June, their accumulated deficit was already 1.2% of GDP, while it should not exceed 1.3% by the end of December, while overall debt reached a record high at 12 , 4% of GDP, against 10.2% a year earlier.

The group that owns Gucci and Puma, in the very focus on luxury and sports fashion, is in discussions for several weeks with high-end Italian tailor, had they learned from sources close to the matter.

The sources said the Italian company would be valued around 350 million euros.

"We are in discussions with them, as with others, but nothing is finalized," said the CEO of PPR François-Henri Pinault a few journalists during a trip to China last weekend, according to the spokesman for PPR.

The CEO added that PPR was in competition with others, as well as investment funds.

He also said to be interested in Chinese brands have a "strong identity," but said not to have found so far.

Asked about the sales process of Redcats (La Redoute, Vertbaudet and Cyrillus), François-Henri Pinault has recognized that the deterioration in the credit markets might complicate the operation.

"Access to credit is crucial.There is a risk, for sure, and we watch it closely, "he said.

PPR was happening in late July to begin the process of transfer of Redcats, which he sought to draw between 1.5 billion and 2.0 billion euros.

With the turmoil that has gripped financial markets, the valuation problems it poses and the deterioration in the credit markets, many bankers fear a setback to the resumption of mergers and acquisitions initiated this year.

Already, some observers doubt that the auction held for Redcats to succeed.

The composite PMI, which includes industry and services, rose to 53.6 in version of "flash" against 53.2 in July.This last figure marked a low of 23 months.

In services, the purchasing managers' index, which also shrank in May, has started to rise to 56.1 from 54.2 last month.

But this obscures the rebound of the index decline of manufacturing, which dropped to 49.3 and returns for the first time since July 2009 under the 50 between contraction and expansion of the business.

Economists and analysts polled by Reuters on average expected a less pronounced decline to 49.7 for the industry and a decline to 53.5 for services.

The survey also shows that the new contracts signed by French companies (industry and services combined) recorded in August their lowest growth for two years.

More worrying in the services, the expectations component of business leaders is down more than five points from one month to another.

"Manufacturers are faced with the contraction in output and order books at a time when declining confidence in the services sector," he told Reuters Chris Williamson, chief economist at Markit. "So we really can not imagine how the growth of the service sector can remain at current levels."

Based on the latest figures from PMI, the French economy would see growth limited to 0.1 or 0.2% in the third quarter, he said.A rebound that would be only symbolic after the stagnation of the period from April to June announced ten days ago by INSEE.

Among the few positive results of the flash PMI figure the resilience of employment, which is an upward trend, the number of recording even the most sustained growth for four months.

These indices are calculated on the basis of about 85% of respondents in the sample followed by Markit, consisting of 750 business services and manufacturing.

European shares opened slightly lower Tuesday, opting for caution before the Franco-German summit on the governance of the euro area. After three consecutive sessions of gains, Paris opened down 0.73%, 0.68% from London, Frankfurt 1.02%, Madrid and Milan by 0.65% to 0.28%. Monday, Paris won 0.78%, London 0.57%, 0.41% Frankfurt, Madrid 0.71% and 1.37% on the Swiss Exchange. New York has erased all its losses last week in garnering 1.90% for the Dow and 1.88% for the Nasdaq.

Global financial markets are also showing much more attentive Tuesday.Asian stock markets were the first very hesitant: Tokyo has ended up slightly from 0.23% after a session sawtooth and Sydney ended down slightly by 0.86%. Seoul, closed Monday, was an exception by closing up sharply from 4.83%.

All eyes are on the meeting between German Chancellor Angela Merkel and President Nicolas Sarkozy from 4:00 p.m. at the Elysee Palace in Paris. "The markets are expecting a very strong signal: Is there a pilot on the plane to govern the euro area? Will you finally speak with one voice in the Franco-German and stop to maintain the cacophony that lasts for months and madden investors? "asked a Paris-based analyst who requested anonymity.

But hopes could be quickly showered.Berlin has in fact warned that they should not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Germany .

"It seems that there is an acute attention paid to this appointment, and we believe that the margin for a big disappointment," warned analysts at MF Global. This meeting should ultimately focused on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

The growth of the French economy was zero (0%) in the second quarter. A new falling ill, while France is battered stock market, the markets doubted the strength of its economy. Wednesday, rumors of a degradation of the note tricolor has plunged the CAC 40, and in the wake of all European stock exchanges.

What explains the halt in growth?

This poor performance was expected, even if the correction is stronger than expected – the Bank of France expected a GDP growth of 0.2%.This is the logical aftermath of the strong rebound in growth earlier this year – 0.9% in first quarter – mainly due to the rebound restocking businesses and lagged effects of scrapping – the orders for cars registered in late 2010, before the extinction of the device, but only delivered in early 2011. But since April, the accumulated bad indicators: unemployment is again on the rise, consumer spending fell, industrial activity shows a sharp decline … Result, a growth that is "flat", as the euphemism used by INSEE, which is "disappointing", recognizes the Minister of Economy Baroin.

What engine stalled?

All, that is why it is disturbing. Household consumption, the main driver of the French economy (representing 56% of GDP) fell by 0.7% – the worst figure since 1993 and the end of "Balladurettes".The end of the scrapping is not the only cause: the French have reduced their spending in all positions of manufactured goods. The acceleration of inflation (0.5% in the second quarter) has indeed affected the power of households, reversing the meager salary increases (+0.6%). Companies for their part, interrupted the replenishment of their stocks, and investment slowed (+0.7% after +1.9% in the first quarter). Only the foreign trade made a positive contribution to growth in the second quarter (0.3 percent of GDP), but only thanks to decline in imports (-0.9%, while exports remained stable).

The outlook for the end of the year?

They are not optimistic, given the sharp deterioration in the economic climate in recent weeks. Surveys of business (Markit PMI) and the business climate by INSEE for the month of July are in fact rather alarming.And this slowdown affects all developed economies, so much so that economists can evoke fear a "double dip" (double-dip recession) on both sides of the Atlantic. Yet French firms are ill equipped to tackle this global economic downturn: their margins are low, production capacities are still underutilized, meaning that they will continue to restore their capacity for self-financing, particularly since more than the stock market meltdown currently affecting the French banks could lead to a restriction of the conditions for granting credit. In short: the companies will focus on increasing productivity in the creation of employment, and will restrict their investments.Consequence: the salary of the French will not increase, unemployment will not fall back sharply, so consumption will remain depressed.

The government forecasts it is achievable?

In this context, the objective of 2% growth in government for this year seems less and less achievable, unlike insured Baroin. Indeed, the carry-over at the end of this bad second quarter now stands at 1.4%. To 2%, that GDP should grow by at least 0.6% over the next two quarters. Analysts have therefore revised their outlook downward: BNP Paris expects an economic growth tricolor in 2011 1.7% 1.6% Natixis. The objective of 2.25% included in the draft budget law is even more multi unrealistic. Bercy should also be revised downward in the 2012 draft budget.

This will it affect the deficit?

Growth lower than expected means less tax revenue, so a larger effort to predict savings for deficit reduction. Out sharp deterioration in the economy – relapse into recession – the credibility of the target for this year – a deficit to 5.7% of GDP from 7% in 2010 – remains intact. However, to achieve the objective of a deficit to 4.6% of GDP in 2012 and 3% in 2013, France will have to tighten their belts. The budget minister Valérie Pécresse has already announced that the government was ready to remove more tax loopholes that what was previously expected. The government is also considering taxing very high incomes, and increase taxation on life insurance. Nicolas Sarkozy will make its arbitration on August 24.

The statements of the U.S. central bank were eagerly awaited after the lowering of the sovereign rating of the U.S. Standard & Poor's Monday has resulted in a rout of financial markets.

Investors are struggling to interpret the possible impact of this commitment by the Fed on U.S. growth since the Dow Jones operates in a very volatile from the statements by the Fed.

The Federal Reserve, which reduced its growth forecast at its June meeting, continued to be pessimistic for the first global economy, saying that the increase in gross domestic product this year will be lower than expected.

"The release of the Fed is very negative outlook for the economy," said Omer Esin, market analyst at Commonwealth Foreign Exchange.

"By committing to maintain interest rates at an extremely low level until far into the future, the Fed implied that it anticipates a period of slow growth much longer than expected."

Following a meeting of its Monetary Policy Committee (FOMC), the U.S. central bank, as expected, kept the fed funds rate within a range from 0% to 0.25%.

The Fed had reduced interest rates at that level in December 2008, in a financial crisis.

THE FED SAYS HE WILLING TO DO MORE

"The committee believes that today's economic conditions – including a low utilization rate of resources and moderate outlook for inflation over the medium term – are likely to ensure an exceptionally low level of federal funds to at least mid 2013, "said the Fed in a statement.

Three members of the monetary policy meeting – Richard Fisher (Dallas Fed), Narayana Kocherlakota (Minneapolis) and Charles Plosser (Philadelphia) voted against this commitment to keep rates low for two years, suggesting a monetary policy committee divided.

Not since a November 1992 meeting, three members of the Monetary Policy Committee had opposed the decisions taken by the committee as a whole.

The Federal Reserve also suggested it was ready to do more to support the economy, saying it still had tools to do it and would use them if necessary.

Some believe that it can be concluded from this estimate that the Fed has not closed the door to a third repurchase program obligations or "EQ3", which was highly expected by many market participants.

"Sixty percent of the market had anticipated a form of EQ3. But there is no QE3 but there is an explicit commitment to low levels until 2013 (…) This is a factor of certainty and that should help to generate higher levels of lending activities, "said Alberto Bernal (BullTick Capital Markets).

The Fed also reiterated its policy of reinvesting the proceeds of maturing bonds in its portfolio without specifying the calendar in the matter.