Economic Analysis and Indicators

Hennes & Mauritz said on Thursday a drop in pretax profit in the third quarter, but less than expected, and gained market share in a difficult environment.

The second global chain stores ready-to-wear posted a pretax profit of 4.85 billion Swedish crowns (525 million) over the period from June to August, against 5.74 billion a year ago and a consensus Reuters giving 4.66 billion.

Rising costs of raw materials, especially cotton, and a negative currency impact have affected the outcome, said H & M, which also generated a gross margin of 58.6% against 60.5% a year earlier and a consensus of 58.1%.

Markdowns in the quarter were comparable to those of a year ago, said the Swedish group.

"H & M continues to gain market share in a difficult environment for the sector distribution of ready-to-wear," said CEO Karl-Johan Persson in a statement.

Over the period from 1 to Sept. 27, sales rose 3% in local currency, also announced H & M.

The action gained nearly 4% in the early morning after these ads.

The Indian Defence and Offshore Pipavav said Wednesday it has signed an agreement with Airbus Industry and SKIL Infrastructure to develop the maintenance, repair and modernization of its facilities in India.

The agreement provides for an initial investment of $ 100 million.

In a statement, Airbus said the group will own 26% of the joint venture, with the option to increase this share to 49%. Pipavav will own 51%.

Greek trade balance benefits from a rebound in exports and a fall in imports caused by the recession. Greece in the storm

Greece has cut its trade deficit 29.5% in the first seven months of 2011, thanks to a recovery in exports and a drastic drop in imports related to the drop in consumption caused by the crisis, according to official figures published Monday.

The deficit in the Greek trade balance, excluding petroleum products amounted to 9.98 billion euros from January to July instead of 14.17 billion during the same period in 2010, down from 29, 5%, said a statement from the Greek Authority statistics.

During this period, the total value of imports excluding petroleum products fell by 14.4% to 19 billion euros against 22.28 during the comparable seven months in 2010.

On the export side, they have increased by 12%, again excluding petroleum products, 9.08 billion euros against 8.107 billion a year earlier.

According to the Greek Development Minister Michalis Chryssohoides, the recovery of Greek exports in 2011 comes from foreign sales of building materials, a traditional sector in Greece, which had declined in previous years because of the many construction sites in the within the country, now slowed by the crisis.

Including petroleum products, the trend of the export boom is even more pronounced because of higher oil prices: the value of imports fell 7.7% over the period to 24.7 millliards euros, and Exports jumped 41.6% over seven months to 12.48 billion euros.

Gold has dropped more than $ 100 Friday to rally against the dollar and rumors of liquidation of positions by large hedge funds.

The future of money, which attracted even more speculation over the past year, have come down by 18%, their biggest drop since 1987.

The fear of recession and the worsening of the Greek crisis prompted investors to process the precious metals it like any other commodity. The next risk-free investment that benefited the gold this year has suddenly disappeared in the last two weeks. Gold then began to decline in parallel with actions.

In two days, gold has lost nearly 9% and silver up to 25%.Despite its decline, gold, which reached a record 1,920.30 dollars per ounce earlier this month, is up 16% since the beginning of the year.

End of the session, the spot price of gold was down by 5.5% to 1,641 dollars an ounce, down $ 127 for ever.Percentage (more than 6%), this is the biggest drop since the 2008 financial crisis.

On the futures market in the U.S., the December contract on Comex ended down 6% or $ 101, less than 1640 dollars an ounce.

Money spotlight fell by 14% to hit a low of seven months under 31 dollars an ounce.

Traders blamed the fall of the gold distress sales made investors increasingly nervous about the turmoil in the credit market and seeking to cover losses on other asset classes, particularly in the market actions in a sluggish economy.

"There are many people who say that it is the margin calls on other assets, but I rather think that panic here and there," said Matthew Turner, precious metals specialist at Mitsubishi Corp. in London.

He emphasized that there is still one month, speculators saw gold as a hedge against inflation when the Federal Reserve seemed about to take further measures to support the economy. But the Fed has finally decided not anticipated the kind of stimulus

"The drop in gold is a little surprising.The fact that he was so erratic lately even discourages purchases decline, "said Peter Buchanan, senior economist at CIBC World Markets.

Finance ministers and central bankers of the G20 countries, meeting Thursday in Washington, pledged in a statement to prevent the debt crisis in the euro area would undermine banks and financial markets.

But analysts say that investors may be waiting to learn more about the evolution of the global economic situation before returning to the gold.

The initial European shares rebound quickly Friday morning breath after the collapse of the market yesterday, investors are only partly reassured by the commitment of the G20 countries to do what it takes to prevent the debt crisis in the euro area would undermine banks and markets.

Around 10:05, the CAC 40 gained 0.15% to 2785.89 points, having briefly into the red half an hour after opening, having plunged 5.25% yesterday.

The speakers are on the defensive after the gloomy outlook of the Federal Reserve for growth and employment in the United States and in the absence of new measures to strengthen confidence in the global economy.

"Compared to yesterday's fall, opening up may be merely a brief respite from selling pressure," Jonathan Sudaria, a trader at Capital Spreads. "So the statements of the G20 are the mark of good intentions, there is no announcement of an immediate and comprehensive action is not expected anytime soon awakened appetite for risk."

Other major European markets, London and Frankfurt returning 0.3%, Milan 1.25%.Of the European indices, the EuroStoxx 50 contains 0.58%.

Banks are leading the rally, including the French, with gains that are around 1%.

The European index of European banks is 1.1%, with a gain of 1.2% Credit Agricole in Paris, largest increase in the CAC 40 index.

The performance of the German government bond (Bund) and 10 years remained at around 1.7%.

The euro has also taken against the greenback after the promises of the G20 at 1.3528 / 30 dollars, against 1.3460 late in the day Thursday, where he hit a low of seven months.

A barrel of U.S. light crude back 38 cents to 80.89 dollars and Brent 51 cents to 105.90 dollars after having lost ground yesterday, in a movement of "sell-off" of generalized almost all markets .

More than eight in ten French people approve a regulation of property prices by the state, and 59% demand limiting rent increases. And you, what do you think? Cranes on construction sites in Marseille.

More than eight in ten French people say they favor a state regulation of the sale price of homes, according to an Ipsos for the developer Nexity, published on Wednesday by Aujourd'hui en France / Le Parisien.Among "the actions that the state can implement to facilitate the acquisition of real estate," 83% say it should "regulate the sale prices" 87% think it should "strengthen the interest-free loan "and 88% calling for a" price controls public land to build buildings at affordable prices. "

"One of France well housed"

Among the "priority issues in housing in your community and around in years to come," 59% of respondents also want to "limit rent increases" and 44% support a limit "price increases the purchase. "In general, respondents are 81% think that in the coming years, the goal should be "one of France well housed, while 18% think it should be" a France of homeowners. "

And you? Are you in favor of a rent control, including the relocation?

Do you think the state should-and can-also intervene to regulate the sale prices? If so, how?

Encourage home ownership you think there a good way to solve the housing problems?

Express yourself in the comments!

Nexity-Ipsos survey was conducted among 1,000 people representing a cross of the French population aged 18 and older. The interviews were conducted by telephone from August 22 to 25, 2011.

While the downgrade of Greece routinely saddled markets, that of Italy by Standard and Poor's on Tuesday, has not moved many people. The greatest response finally came from Silvio Berlusconi but also to challenge the "political considerations" of the agency. Explanations of Jean-Louis Mourier, economist at Aurel Level. Italian Prime Minister Silvio Berlusconi, Rome January 21, 2011

The U.S. rating agency Standard and Poor's has lowered the credit rating of Italy a notch, from "A +" to "A" due to low growth prospects, which will complicate the reduction of deficit and debt. What are the risks to the Peninsula?

Standard and Poor's is the first agency to downgrade the rating of Italy that had never been lowered since the beginning of the debt crisis, unlike that of other fragile countries in the euro area.The obvious risk is now to see interest rates still further on. The 10-year yields are now 5.67% or a spread with Germany of 3.90 basis points. The level is high but there is, after all, acceptable. Italy can still take the risk of finance markets rather than to appeal to the IMF, the political cost would be much higher.

Do you think interest rates will continue to rise?

All depend on the decision of Moody's, it will take only three months. But in practice the risk of soaring rates is very limited. For now, yields are already very high which suggests that markets for some time had considered this deterioration given the growth deficit of the country and its political instability. Quite honestly the situation in Italy is serious but not catastrophic.It is sufficient that the activity takes off a little, that a two budgetary measures are in place to return tax revenues to return to a primary surplus and so reduce the debt service. In terms of politics, the upcoming elections in 2012 should bring more stability to the country and more rigorously.

This decision threatens to fuel the fears of contagion from the debt crisis in the euro area?

No. In Spain, the victory of the right envisaged in the next few elections suggests a plan of fiscal restraint that will reassure the markets. As for France, even if growth is weak, it still emits positive signs.

UBS said on Sunday it had lost $ 2.3 billion (1.67 billion euros) due to unauthorized transactions on a range of future discoveries it Wednesday.

She added that she has covered the resulting risk, with a return to normal operations on an exchange.

"The loss resulting from unauthorized speculative trading on futures on various S & P-500, Dax and EuroStoxx over the last three months," said UBS in a statement. "The loss for this is $ 2.3 billion .As previously stated, no position of customers were affected ".

The trader UBS Kweku Adoboli, 31, appeared Friday in London after his indictment in connection with the investigation.

The managing director of UBS Gruebele Oswald said in an interview published Sunday by the newspaper Der Sonntag Helvetic, he did not intend to resign after the discovery of the fraud.

Germany refused at the meeting of the Eurogroup to hire additional public funds to ensure financial stability in the euro area, as called for in the U.S. Treasury Secretary Timothy Geithner, said the Austrian Minister of Finance Maria Fekter.

"He stressed that more funds were needed to prevent the system (financial) is in difficulties.(Wolfgang) Schäuble told him it was very unlikely to be possible to weigh the burden on taxpayers, especially if the burden is imposed on those countries AAA, "she told a few journalists.

"In these countries, there is a desire to implement a tax on financial transactions (…) It (Geithner) was excluded," she said.

"I find it odd that even though the Americans have rights far worse than the euro area, they tell us what to do and when we give them a suggestion, they immediately say no (… ) I would hope that when they tell us how they see the world, they listen to what we have to tell them, "she said again.

Nearly a year after its recapitalization and the arrival of new shareholders, the world continues its transformation with the launch on September 23 a new offering of the weekend expanded and redesigned along the lines of its major competitors Anglo-Saxon.

Under the guidance of new leadership, the group returned in the first part of the year with a positive operating profit, driven by sales up 2.7% thanks to a particularly dense and news of an improvement the advertising market.

"Overall it's a good time for daily newspapers, which have long had been unable to utter these words," said chief executive Louis Dreyfus.

"The challenge we have is how we can ride this wave for that when she retires, that is to say, after the presidential elections, there is more healthy and better equipped to continue to develop, "he added.

In recent months, the group has thoroughly revised its teams – 15% of the workforce has been renewed – reduces costs and initiated the merger of its editorial web and paper.

The group now intends to undertake a period of "intensive investments," said Louis Dreyfus, which will be achieved first by launching a new offer for the weekend, significantly expanded the image of that offer Newspapers like the New York Times in the United States or the Guardian in Britain.

"We believe the weekend, readers are available. There is a flaw in the French system of this view point, the supply of national French dailies, particularly the World is not enough" said Managing Editor, Erik Izraelewicz.

The newspaper dated Saturday and will double in size to incorporate three new books entitled "Science & technology", "Sports & Fitness" and "Culture and ideas."He will be joined as a magazine today, the pagination will also be expanded to include giving more room for the photo.

The set will be available on newsstands for a price of 3.20 euros against 2.60 euros today.

The edition dated Sunday and Monday will in turn enriched with a notebook "Geo & Politics" for a price unchanged.

TOWARD DECENTRALIZATION OF PRINTING

This new offering, which represents an investment of one million euros over three months, will receive a draw increased by about 30% for launch with the aim to further increase sales and advertising revenue, a Louis Dreyfus said, without providing any targets.

The group also hopes to lead by the end of September on a solution for its subsidiary LePost.fr, deficit.

Discussions have been initiated for two months with Arianna Huffington, co-founder of the news site Huffington Post, to make a French edition of the U.S. site for a launch that could occur in the fall.

There remains the thorny issue of modernization of the printing group which records series of defections by customers, including the financial daily Les Echos, scheduled for November 2012, which should result in a loss of 30% of turnover business.

The group now plans to retain a single rotary printing plant in the Paris region who will take the bulk of the printing (250,000 copies) and to decentralize the rest based on five regional centers.

The objective considered imperative by management, is to ensure that the newspaper is distributed between 14:00 and 15:00 on most of the territory in 2012, Louis Dreyfus said, adding that discussions were still ongoing.

The reorganization of the printing press would have no impact on the distribution would remain assured by Presstalis.

Le Monde, who said he performed well in terms of advertising revenue in the summer months and September is an operating profit of 6.6 million euros for the full year, including a third party must be reinvested in the group.