Economic Analysis and Indicators

Enrollment managers and skilled workers have been growing. In contrast, unskilled workers and employees are in decline by 5% and 7.3%. Officers, employees

The temporary employment declined by 0.4% in October compared to October 2010, with a decline in all major sectors except industry, according to the barometer Prism job on Monday. Temporary employment is considered an indicator of future trends in the labor market.

In October, the number of executives and middle management and skilled workers have been growing 5.9% and 5.5%. In contrast, unskilled workers and employees are in decline by 5% and 7.3%. If the industry increased its use of temporary staff in October compared with October 2010 (1.8%), the other major sectors were down: construction (-0.6%), transport (-0.8 %), services (-4.4%) and trade (-4.5%).

These national statistics mask large regional differences: two regions stand out in terms of increase, Midi-Pyrenees (12.5%) and Haute-Normandie (+10.6%). However, in the Ile-de-France, the enrollment decline is temporary 7.3% in October over a year. There was also a decrease in Limousin (-7%) in the Languedoc-Roussillon (-6%) in Provence-Alpes-Côte d'Azur (-5.5%), Britain (-4.5%).

This barometer is determined by the group Umanis from the statistics provided by a panel of temporary employment representative, as Prism over 80% of temporary employment.

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The richest woman in Germany, Susanne Klatten, has strengthened its position in the capital of SGL Carbon, distancing and Volkswagen in the race to control the "champion" of carbon fibers.

BMW, Klatten and that his family is a major shareholder, said on Friday hold 15.2% of SGL, participation in addition to the 29% already held by the German heir.

The action SGL Carbon gained over 7% in early trading Friday on the Frankfurt Stock Exchange, and the title took 5.4% to 45.46 euros in mid-morning.

"The lightweight construction will play a role in the future more and more important in the automotive industry.Our stake in SGL Group is a logical step that will further strengthen a successful cooperation, "said BMW's chief financial officer, Friedrich Eichiner in a statement released Friday.

SGL Carbon raises for the past several months the lusts of Susanne Klatten, Volkswagen and engineering group Voith.

"This is a power struggle with no economic logic," said one German analyst on condition of anonymity, noting that several competitors SGL Carbon were able to provide manufacturers of carbon fibers.

In exchange, the action SGL has won over 60% since the beginning of the year while the DAX index of the average values ​​gave up 5%.

According to the German Chancellor, the current generation is facing "a testing history," and this is "to show that Europe can reach a turning point" with this financial crisis. German Chancellor Angela Merkel.

German Chancellor Angela Merkel said Monday at the Conservative party conference that Europe knew "may" with the debt crisis "its time the most difficult since the Second World War." "Europe (live) one of the most difficult times since the Second World War, perhaps even its most difficult hour," she warned at the conference of the Christian Democratic Union (CDU) to Leipzig in the former GDR.

"Every generation has its political challenge," said the Chancellor, noting that the generation of post-war Chancellor Konrad Adenauer had built Europe and that of Helmut Kohl German unity and European.

François Fillon has announced plans to reduce the growth of health spending to 2.5% in 2012 instead of the 2.8% originally planned. This goal is realistic? The responses of Gerard de Pouvourville economist and Chair of the Health Essec. Consultation with general practitioners rises to 23 euros. Drugs reimbursed at 35% will no longer be only 30%.

Among the austerity measures introduced on November 7, Francois Fillon announced a reduction in the rate of growth of health spending, reduced to 2.5% instead of 2.8% initially planned. For this, we need to find 500 million euros in additional savings, the details should be announced within the next ten days.This target is realistic? Above all, this rate of change is it tenable in the long run? The responses of Gerard de Pouvourville economist and Chair of the Health Essec.

The government announced a growth rate of Medicare spending reduced to 2.5% in 2012. This objective can be achieved?

Gerard de Pouvourville: This will not be easy. Certainly, the rate for 2010, 3% had been observed: the achievements were even below the target passed by the parliament! But the Court of Auditors has pointed out, this result was partly achieved through economic factors: favorable environment influenza, no significant revaluation fee for health professionals. We must see that the dynamics of spending on "long-term illness", supported 100% by Medicare, continues to be very strong.

The Tokyo Stock Exchange ended down 1.7% Tuesday, grim company results and revived concerns about the Europe that encouraged profit-taking on gains in recent days.

The Nikkei lost 152.87 points to 8,835.52 and the Topix, larger yielded 9.56 points (-1.25%) to 754.5

"The shares are under pressure, mainly because so many reports contain results of bad news," said Yutaka Shiraki, a strategist at Mitsubishi UFJ Morgan Stanley Securities.

Suffering like other exporters in the rise of the yen, Panasonic dropped 5.07% after saying the day before an anticipated annual net loss of 420 billion yen (3.8 billion), the highest in a decade he attributes to a strong increase in restructuring costs and a lowered demand in Europe and the United States.

Japan intervened unilaterally on Monday the currency market to try to curb the upward trend of the yen after the Japanese currency had reached a new record high against the dollar.

But some analysts believe that the strength of the yen has already been reflected in the positions of many investors.

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.

U.S. stocks ended down sharply on Friday on renewed fears of a relapse of the U.S. economy into recession after the announcement of zero growth in job creation in August.

The Dow Jones finished lower by 2.2% or 253.31 points at 11,240.26 points. The Standard & Poor's 500 benchmark fund managers, has sold 2.53% or 30.45 points to 1173.97 points while the Nasdaq composite fell by 2.58% or 65.71 points at 2480.33 points.

For the week, the Dow lost 0.4%, the S & P 0.2% and the Nasdaq 0.02%.The quasi-market place on this week due to higher market on the first three days of the week, including an introduction on hopes the Federal Reserve's new measures to boost the economic machine.

According to official statistics released Friday, the non-farm job creation in the United States were zero in August and the unemployment rate remained unchanged at 9.1%, while the market was expecting about 75,000 new jobs.

President Barack Obama in a speech to the nation Thursday, September 8, must submit an employment plan including tax cuts and measures to support long-term unemployed, told Reuters on Friday a counselor the White House.

The trend on Wall Street also weighed down by renewed fears about the budgetary situation of Greece and the uncertainty of the austerity program in Italy.

Bank stocks were under pressure. Bank of America lost 8.34% to 7.25 dollars, JP Morgan Chase 4.6% to 34.63 dollars and Goldman Sachs 4.55% to 107.06 dollars, after a tip that they would be covered by a complaint at the federal level for their role in the subprime crisis.The New York Times, the federal agency overseeing the mortgage market in the United States will file a complaint against a large number of banks.

BofA's action was particularly attacked, the Wall Street Journal has reported that the Fed would have asked the bank to submit the measures it would take if business conditions deteriorated.

The KBW index of banking sector has lost 4.5%.

EFG Eurobank and Alpha Bank, respectively number two and three of the banking sector in Greece, will announce Monday a merger agreement to jointly face the challenges of the Greek economy, banking sources reported.

The agreement, which should lead to the largest bank in Europe's southeast by the assets, should enable the two facility to avoid having to use the mechanism of public provision of liquidity is likely to trigger a wave of consolidation in the sector, analysts said.

"The boards of both banks will sign the agreement and the announcement Monday morning and a press conference will take place at midday" told Reuters a source familiar with the bank.

The two banks have sent an invitation to the press for a joint press conference at 1100 GMT Monday, without specifying the subject.

"This is a friendly merger agreement between Eurobank and Alpha Bank, with the participation significantly from the Qatar Investment Authority" (QIA), told Reuters a banker of Alpha Bank.

The new entity will have 150 billion euros in assets, eight million customers and 80 billion euros in deposits, said a third source.

According to an official of Eurobank, the operation, if it is approved by shareholders of both groups take the form of an exchange of shares.

The QIA, sovereign fund of the Gulf kingdom, was already a shareholder of Alpha Bank.With this agreement, it will become a significant shareholder of the new group, according to sources, one of which states that the QIA has signed the agreement Saturday.

Analysts have welcomed the prospect of the merger, including Eurobank, which failed in July to stress test bank.

"This is a strategic decision that goes in the right direction and protect the two banks of worse to come for the Greek banking sector," Judge Takis Zamani, Beta Securities.

"Qatar is likely to inject money into the new entity at a time when Greek banks face a lack of liquidity, the losses in the ISP (plan of voluntary participation from the private sector with Athens, Ed), and higher impairments on credit, "said he.

Alpha Bank shows a market capitalization of 1.07 billion euros, against 1.02 billion for Eurobank. Their shares are down by 50% and 51% since the beginning of the year.

The first bank, National Bank of Greece, for its part has a capitalization of 2.88 billion euros.

The U.S. Justice Department is investigating about the view that Standard & Poor's focused on asset-backed mortgages whose collapse led to the 2008-2009 financial crisis, said Thursday night a source close to the .

The survey – which according to the source is trying to distinguish between what the S & P analysts wanted to do and what they were told to do – was launched before the rating downgrade does the United States at the beginning months.

The Justice Department has also conducted a survey of Moody's, one of two main competing S & P on the notes she had assigned to structured products during the crisis, said another source.

Asked by Reuters by telephone and e-mail, a spokesman for Moody's could not be reached immediately.

The Securities & Exchange Commission (SEC), Constable of U.S. financial markets, has also opened an investigation into the possible role of S & P, a division of McGraw-Hill, in the crisis, said the first source.

Representatives of the SEC and Justice Department have declined comment.

The New York Times had first reported the investigation of S & P focused on whether the agency had assigned the notes to dozens of biased asset-backed home loans before the financial crisis broke out in 2008.

The Justice Department was interested in cases where S & P analysts want to assign notes to some of these assets before being contradicted by leaders of the agency, said the daily.

A spokesman for S & P noted that among the principles guiding the action of the particular agency were "analytical independence and objectivity", adding that the company had taken steps to strengthen the implementation of these principles .

"In recent years, S & P has received several requests from various government authorities regarding asset-backed U.S. mortgage.We have cooperated and continue to do so, "said the spokesman.

It is currently unclear whether Fitch (Fimalac group), the third major rating agency, is also being investigated by the Justice Department.

Neither Moody's or Fitch have lowered their ratings on the United States.

Societe Generale, which has depreciated the value of its debt to the Greek State in the second quarter, has abandoned its goal of Wednesday net profit of 6 billion euros in 2012, a sign of environmental degradation Economic and Financial.

The second French bank by market value after BNP Paribas, said in a statement having spent a depreciation before tax of 395 million euros after applying a discount of 21% on its sovereign debt maturing Greek before the end of 2020.

Net income of the coup to 747 million euros in the second quarter, down 31.1%.

According to the Thomson Reuters consensus I / B / E / S, taken as of July 29, analysts on average expected a net profit of 1.15 billion euros, an increase of 6.6% in the second quarter of 2010.

"The goal of net profit group share of € 6 billion in 2012 now seems difficult to achieve on time," reported Frederick Oudéa, SocGen's CEO, said in the statement.

For several months, analysts doubted the ability of the French bank to achieve this goal of six billion.

The Thomson Reuters consensus I / B / E / S also expects a net profit of 5.34 billion euros at end 2012.

Other European banks have already had to give up some of their goals due to the exacerbation of the debt crisis and contagion.

Crédit Agricole, which amounted to about 150 million cost of its participation in support of Greece, has already had to abandon the goal of returning profits to its Greek subsidiary Emporiki in 2012.

BNP Paribas, the bill amounts to 534 million euros, while German bank Deutsche Bank has in turn had a depreciation of 155 million euros for the Greek sovereign debt it holds in its accounts.

At the Paris Bourse, the action Tuesday SocGen closed down 2.4% to 32.505 euros.

Heavily penalized by the markets because of concerns about the debt crisis in the euro area and the state of its own funds that analysts deem insufficient, the stock has lost nearly 25% over the last twelve months and 17.19 % since the beginning of the year.

It underperformed the coup the European bank sector index, down 13.62% since January 1.