Economic Analysis and Indicators

Hewlett-Packard reported Wednesday evening by a decline of nearly 44% in quarterly profit, weighed down by weak sales of PCs and printers, which has reduced the title in after-hours trading.

The U.S. group has reported net earnings of $ 1.47 billion in the first quarter of its fiscal year, ended in January, or 73 cents a share, against $ 2.6 billion ( $ 1.17 per share) a year earlier.

Excluding items, HP displays earnings per share (EPS) of 92 cents. Analysts on average expected 87 cents a share, according to Thomson Reuters I / B / E / S.

Revenues declined 7% to $ 30 billion, a level slightly lower than the consensus.

HP saw its sales decline in its three main divisions: PCs, printers and business machines.

After the publication of these results, the action has lost more than 3% in after-hours transactions.

The Greek government has summoned the deputies Saturday slingers to provide support to the austerity measures demanded by the EU and the IMF for the implementation of a second rescue plan, otherwise they commit the country to "an unknown and dangerous path" which he says will lead to bankruptcy and international economic isolation.

The leader of New Democracy (ND, conservative) Antonis Samaras, while criticizing the austerity policy of Greece sinking ever more into recession, urged é ; read of his party to support the second bailout, worth 130 billion euros, failing which their applications would be rejected for the upcoming legislative. 

The coalition of Prime Minister of Greece Lucas Papademos has an overwhelming majority in parliament, which should ensure the adoption, scheduled for Sunday, a series of new austerity measures including a further reduction of public expenditure, of about 3.3 billion euros this year.

But six members of the government have already resigned in protest against the scale of austerity measures, among them a 22% decrease in the minimum wage.

"The consequences of uncontrolled failure would be incalculable for the country, not just for its economy (…). This would take us on a path unknown, dangerous, "he said Saturday Deputy Minister of Finance, Filippos Sachinidis

. In a newspaper interview Imerisia, he portrays the disaster in which he said Greece would fall if it did not honor the repayment of 14.5 billion euros of bonds maturing on March 20

. "Let us ask ourselves what it would mean for the country the loss of its banking system and not be able to import raw materials , pharmaceuticals, fuel, food and basic technologies, "he said

. The Greek government on Friday approved evening the bill involving the country in the reforms demanded by the EU and the International Monetary Fund for the implementation of the second bailout. 

While a 48-hour strike against austerity entered its second day, Saturday, fifty communist militants have deployed two huge banners on the ramparts of the Acropolis. "Down with the dictatorship of the monopolies and the European Union", they proclaimed.

FIFTEEN BILLION FOR BANKS?

Seven thousand demonstrators gathered in the center of the capital, according to figures released by the police. No overflow has been reported, unlike Friday when police fired tear gas towards protesters throwing Molotov cocktails and stones.

Members of the ND, which has a strong lead in the polls for parliamentary elections planned a priori in early April, should support the austerity measures Sunday, in the whole. But Samaras was keen to warn politicians of his party, the second largest group in parliament after the PASOK (Socialists).

"This is obviously a matter of party discipline," he said before a parliamentary committee, adding that any slingers would be excluded from elections of April.

The far-right party LAOS has left the government coalition Friday and ordered his four ministers to resign. Two members of PASOK have also slammed the government's door in protest against the harshness of austerity.

Former Socialist Prime Minister George Papandreou has also wished to draw members of PASOK to vote austerity measures.

"I've lost friends, my family suffered, I lost my job, I was insulted, dragged through the mud like no other politician in this country," he told the elected PASOK parliamentary group.

"Yet all this is nothing compared to what our people expect if we do not choose the right path. Despite all the anger we feel as we boil, we must persevere, "he told them

. Minister Finance Evangelos Venizelos said on Saturday it would take perhaps another 15 billion more to rescue the Greek banks, thereby confirming the EU estimates

.

The European Union calls on the other hand the Greek government to provide details of further cuts in public spending of $ 325 million Euro

. It also requires a clear commitment from party leaders of the coalition government to implement austerity measures .. …….

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.

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%.

Dexia has paid 1.5 billion euros in its first two institutional shareholders that they carry out acquisitions of securities of the Franco-Belgian bank until 2008, the Financial Times reported Friday.

According to the newspaper, Holding Communal, an organization representing large municipalities in Belgium, has borrowed 1.2 billion euros to Dexia Bank Belgium (DBB), the Belgian branch of Dexia specializes in bank deposits.These funds were largely used to participate in two capital increase of Dexia Group in 2006 and 2008.

Arco, which invests on behalf of a Belgian trade union, has in turn borrowed 275 million euros, back into the capital of Dexia in fund-raising, according to the FT.

These two entities jointly owned 35% of Dexia, and are still represented on the board, the newspaper said.

The Franco-Belgian bank has actually borrowed money which it owned to finance its capital increase.

In addition, the FT reported that Dexia agreed in collateral on its loans its own shares, which implies that any collapse of the stock price is likely to generate heavy losses.

Dexia's market capitalization has increased from about 21 billion euros in 2006 to one billion euros to date.

This funding at the time had aroused the concern of regulators in Belgium, says the FT. However, if they are illegal in most countries and now banned in the European Union, Dexia has not broken the law then in effect.

According to the financial daily, the British bank HSBC dream to make an offer on DenizBank, Turkish subsidiary of the Franco-Belgian bank.

It has already received expressions of interest, including the Qatar National Bank (QNB), the sovereign wealth fund Qatar Investment Authority (QIA) holds half the capital, and the first Russian bank Sberbank.

The European Union must reform its treaties to prevent in the future of its member states to create problems for others, as is the case now, especially for Greece, said Sunday the president of the Central Bank Jean -Claude Trichet.

He was speaking on Europe 1 for two weeks at the end of his term, and when European countries are trying to stem the crisis caused by the Greek debt and its impact on banks that have lent money.

"We must think about the future. Tomorrow, I think we need to change the treaty to be able to prevent a member of the euro area to roam and create problems for all others," he said.

The U.S. economy has created far more jobs than expected in September, easing fears of a recession but failed to bring down a high unemployment rate, show official statistics published Friday.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average had forecast 60,000 new jobs.

The unemployment rate however remained unchanged from one month to the other at 9.1%, a level "unacceptable" for the White House.

"We clearly need a faster economic growth to put Americans to work," could be read on the blog from the White House after the release of employment figures.

The plan for the use of some $ 447 billion announced last month by President Barack Obama is necessary to avoid a breakdown of the economy and lower unemployment rates, said one of the most senior economic advisers the White House.

"It's always a comfort when employment growth is better than expected, but (…) it's not nearly enough," Gene Sperling found on CNBC.

Statistics in September partly reflects the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

The disappointing figures in August, which showed zero job creation, have been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August.The public sector has eliminated 34,000 jobs to him.

RELIEF

The employment figures feed for investors hope that the United States can avoid another recession despite gloomy summer and while the Federal Reserve this week reiterated its readiness to take further steps to support faltering economy.

Last week, the growth of gross domestic product (GDP) U.S. second quarter was revised upwards to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected in the third quarter, despite the debt crisis that worries the European side of the Atlantic.

"The markets will show a little relief, as this supports the idea that we are not going to go into another recession, but it is doing," Judge Robert Lutts, president of Cabot Money Management.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation (…) is comforting and exciting to the market. But it seems premature to use these numbers to say, regarding the economy in general, as we got out of the inn "moderates John Kilduff, partner of Capital hedge fund in New York Again.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Economists estimate that the economy must grow by at least 2.5% per year and create at least 125,000 jobs each month to keep the unemployment rate to rise.

The growth slowdown coupled with the dynamism of the labor force will not help to reduce the number of unemployed, estimated employment center in its economic outlook. Agency employment center in Nice

Employment center does not provide for improvement on the unemployment front table and at best a stabilization of the number of job seekers in 2011 and 2012 and, at worst, a deepening if growth turned out lower than forecast government. "The slowdown in job creation combined with the dynamism of the labor force should not be allowed to initiate a decline in unemployment," said employment center in its economic outlook published Tuesday, October 4.

For 2011, the Agency plans to increase the number of job seekers without any activity of 5000 and 78,000 by including persons who have reduced activity.These predictions are based on a growth assumption of 1.75%, made by the government. Next year, "unemployment started to decline," if growth remained at 1.7% (assuming the government), with a decline in the number of job seekers with no activity on the order of 5000 and 12,000 by integrating people with reduced activity.

However, "if growth slowed in 2012, unemployment would continue to grow," said employment center. Based on a growth assumption of 1.4% (the IMF), the number of job seekers with no activity would increase by about 27,000.The prospect of a "stabilization of unemployment seems reasonable, except major accident" by the end of the year, said at a press briefing Christian Charpy, general manager of employment center.

Job creation is not strong enough to absorb the increase of the labor force

But, "unemployment will not reach the level it had before the entry into recession in early 2008," noted Bernard Ernst, director of studies of employment center who recalled that in previous crises of 1974 and 1992 the Unemployment had found "quite quickly" its pre-crisis. These forecasts are more optimistic than those of UNEDIC (unemployment insurance) that, based on growth in 2012 of 1.2% (consensus of economists) has provided an increase of 36,700 unemployed with no activity this year and 55,500 next year. "At this stage, a forecast of 1.2% in 2012 seems overly pessimistic," said Mr.Charpy.

Employment center provides, in addition, 130,000 net new jobs this year by companies affiliated with unemployment insurance, but the momentum is down (44 000 in the second half, against 96,000 in the first). In 2012, job creation should remain the same (126 000) if growth remained at 1.7% but reach only 101,000, with growth slowing to 1.4%. These new jobs do not seem sufficient to reduce unemployment because they are less than the increase in the labor force estimated at 140,000 or 150,000 per year.

According to Bernard Ernst, the labor force could grow more than expected after the announcement by INSEE in mid-May to strong growth in first quarter (0.9%).The prospect of an upturn in the economy brought on the labor market of people (youth, women etc) that were not previously found that increased enrollment in the employment center lists the "first mover" and people signing up for a "return to work," he said. "Registration for employment center are not independent of the economy" said Mr. Charpy.

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.

The fiscal deficit of the United States for the current year reached 1,100 billion, said Wednesday the Treasury Department.

Ten months after the start of the fiscal year, the deficit is less than $ 69 billion to its level at the same time last year.

On July alone, it reached 129.4 billion, against 165.0 billion a year ago.

Months revenues increased slightly to $ 159 billion, against 156 billion in July 2010, while expenditures fell sharply to 288 billion, against 321 billion a year earlier.