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This former railroad 55 years succeeds Jacques neighbor to the presidency of reformist union.

Louis Philippe, 55, Friday officially took the presidency of the CFTC, at the end of the 51st Congress of the Confederation of Christian, the union announced in a statement. Pascale Cotton, 47, including the issue of pensions specialist, became general secretary of the CFTC and Bernard Sagez treasurer.

Elected for three years, Louis Philippe, a former railroad worker in Alsace, succeeds Jacques Voisin, he was number two. The office has also confederal three Vice-Presidents Jean-Louis Deroussen, Michel and Joseph Thouvenel Coquillion and a deputy secretary-general Pierre Mencas. At this congress, the CFTC voted to maintain its independence and its Christian values ​​despite the law of representation that darkens the horizon.

"The CFTC because it is meaningful and that can provide the link to our society's social cohesion that is lacking becomes itself a credible solution for the workers and their families," argued Louis Philippe ended Congress.

The European debt crisis continues to take its toll on both European and U.S. stock markets, the risk of contagion to the entire euro area, resulting in a rise in bond yields to unsustainable levels and that affects more only countries known as "devices".

"The market remains concerned about the implementation of these measures (austerity and anti-crisis), which are not detailed enough to be credible," said Emmanuel Cau, strategist at JPMorgan Cazenove,.

In Paris the CAC-40 ended on a loss of 1.78% to 3,010.29, surpassing those of his peers.

The Tokyo Stock Exchange closed up 1.86% Friday, the Japanese financial sector has benefited, as Wall Street and European stock markets, the prospect of Athens abandoned its proposed referendum on the bailout of the country.

The Nikkei gained 160.98 points to 8,801.40 and the Topix, broader, took 13.44 points (1.82%) to 752.02.

Over the whole week, accusing the two indices, however, a decrease of 2.8% and 2.5%.

The beginning of the week had led to panic after Prime Minister George Papandreou had overtaken everyone by announcing Monday he would submit the bailout of Greece to a referendum.

Emerging nations demand that the governance of the International Monetary Fund (IMF) be reformed before they inject new capital, said Friday the president of Brazil Dilma Rousseff.

These remarks came as some voices in the G20 countries that the IMF to receive new funds to help Europe in particular.

Brazil is prepared to increase its contribution to the IMF, but he wants in return, emerging economies have more a say.

"Emerging markets may be asked to participate in the capitalization of the Fund (…) But for this they need to be more involved in managing the Fund, "said Dilma Rousseff at an event held in Porto Alegre in southern Brazil.

Last month, Brazil, combined with all other countries of BRIC – Russia, India, China and South Africa – had tried to coordinate support for the euro area.

Brazilian policy makers hope that the meeting of G20 finance ministers and central bankers held in Paris on Friday and Saturday leading to action.

Newly appointed head of the IMF, Christine Lagarde Nicolas Sarkozy will meet Saturday to prepare for the G20 summit in Cannes. Christine Lagarde REUTERS / Benoit Tessier (FRANCE – Tags: POLITICS)

Nicolas Sarkozy Saturday at noon will receive the Executive Director of the IMF Christine Lagarde to talk about it with "the preparation of the Cannes summit of the G20 and the situation in the euro area," the Elysee Palace said Friday.

The head of the French state will fly the next day to Berlin for talks with German Chancellor Angela Merkel poour attempt to speed up the rescue plan of the single currency.

Leaders from the eurozone continue intensive negotiations for a recapitalization of banks in the EU to address the risks of contagion from the debt crisis.

Germany has given the green light last week in the expansion of the European Financial Stability Fund (EFSF), which is waiting for the ratification of Slovakia.

Gross domestic product (GDP) grew by U.S. a little more than expected in the second quarter, helped by consumer spending and export growth than initially estimated, according to figures released Thursday by the Commerce Department.

The final figure for growth in the U.S. economy was revised upward for the second quarter, up 1.3% of gross domestic product.

So a return to the first estimate, which was revised down to 1.0% in late August.Analysts had expected a growth rate of GDP revised up to 1.2%.

Final sales increased 1.6% against 1.2% in the first estimate and consumer spending were revised to 0.4% to 0.7%.

The PCE price index rose 3.3% over the quarter (revised from 3.2%). Economists surveyed expected an indicator to 3.2%.

The index "core", followed closely by the Fed, rose 2.3%, its largest increase since the second quarter of 2008.The previous estimate was 2.2%.

The figures released also show an increase in corporate profits after tax of 4.3% in the second quarter, the largest increase of this statistic in a year. The increase was only 0.1% in the first quarter.

Political tensions in the United States and the impact of the debt crisis in Europe have eroded confidence and fears of a return of U.S. recession.

The cautious optimism of economists now expects a further contraction of GDP will be avoided.Production companies continue to grow because, although at a slower pace since the beginning of the recovery.

In detail, the revised figures show, in fact more of a slower growing economy as a future recession.

Export growth is better than initially estimated at 3.6% instead of 3.1%. That of imports, however, is lower at 1.4% against 1.9%.

The trade deficit is less, and trade has contributed to GDP by 0.24 percentage point.

European shares ended sharply higher Wednesday for the President of the European Commission José Manuel Barroso to present options for the introduction of euro bonds that endorsed a market, which remains concerned about the exposure of banks to sovereign debt.

The CAC 40 index ended up 1.87% to 2949.14 points, after opening down nearly 1.5%, confirming the already observed high volatility the day before.

Other major European markets, London was up 1.02%, 3.36% of Frankfurt and Milan to 2.69%.The pan-European Euro Stoxx 50 index gained 2.29%, but its implied volatility index remains at levels close to those recorded in August despite a decrease of 4.86% on Wednesday.

"The configurations of the lowest values ​​make you want to buy for those who like to put in front of the trend. Oversold is strong, with significant support.In the medium term, we begin to address our exposure, "said Valerie Gastaldy, an analyst at Day By Day graphic.

"In the short term, the market tent up, but nothing is well established," does nuance.

BACK safe havens

European banks (0.51%) continue to worry investors, especially with Moody's downgraded a notch notes of Societe Generale (-2.88%) and Credit Agricole (1.22%).

Swedish bank Swedbank lost 5.55% and the Belgian KBC 4.29%, while BNP Paribas, she was accused (-3.93%), the largest drop in the CAC 40 after announcing a reduction size of its balance sheet by about 10% by the end of 2012.

"The theme of the rulers continue to pollute the market environment.Within the European indices, banks once again accuse the largest declines due to exposure to sovereign debt.We also see that the volatility particularly for banks, "said Benedict Peloille, equity strategist at Natixis.

The real estate industry has accused the only sector down (-0.72%), penalized by several downward revisions of earnings estimates by analysts for several days.

However, the automobile (5.08%), including the Frankfurt Motor Show opens its doors to the public from September 15 to 25 after two days reserved for the press, the best performing European sector, supported in particular by redemption with it, the sector still showing a decline of more than 31% since July 22.

The relative optimism of investors has resulted in a marked rise in the performance of the German government bond (Bund) to 10 years to around 1.88% against 1.79% the day before closing. The other safe haven, gold, for its part has given up 0.88% to 1,817.15 dollars per ounce.

The euro, which was passed under $ 1.36 in the morning, rose against the greenback around 1.3706 dollars (0.17%).

The ounce of gold has risen to 1921.17 dollars. The precious metal is more than ever its safe haven role in the crisis.

The gold price broke a new record high Tuesday, rising to 1,921.17 dollars per ounce to 6:15 GMT, more than ever playing its role as a safe haven when markets are again in turmoil. Its previous record high was recorded on August 23, to 1913.50 dollars per ounce.

Gold jumped $ 90 in less than three days, boosted particularly by the disappointing figures on employment in the United States, which have strengthened concerns about the strength of the world's largest economy and stock markets plunged.

"Insurance against uncertainty"

Renewed concern about sovereign debt in the eurozone and the strength of European banks also helped drive up the price, analysts noted."Faced with a scenario back in recession (the United States and Europe), gold should strengthen its attractiveness to investors and is seen as a form of insurance against the continuing uncertainty" in the economic environment has Robin reminded Bhar, analyst at Credit Agricole.

The yellow metal, whose intrinsic value is backed by any issuer, is considered a good shield against the volatility of the stock exchanges, currencies and bonds.

Despite the criticism that accommodate its proposal, the new director of the IMF persists and signs in an interview with a German weekly. IMF Executive Director Christine Lagarde at a news conference in Washington July 6, 2011

Executive Director of the International Monetary Fund, Christine Lagarde, repeated in an interview published Monday in Germany criticized the application of a European bank recapitalization.

"We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

"It is necessary to prevent contagion" problems, she said.

Ms. Lagarde was prompted indignant reactions in Europe already calling a few days ago to strengthen urgently the equity of European banks.

The boss of the IMF, when it was French Finance Minister has criticized Germany's dependence on exports and inadequate intake, also called Berlin in this interview to "stimulate domestic demand, it would be good for the German economy and neighboring countries. "

Lagarde finally claims that "the whole idea (behind the introduction of fiscal rules of thumb) is good," but felt that the inclusion in the constitution limits of public debt "must be understood as a signal to financial markets. "

Germany and France have called on countries in the euro area to adopt such rules of thumb, and Spain responded to the call, although this initiative has been criticized by the President of the European Union Herman Van Rompuy.

The investment company Eurazeo announced Thursday a loss of 106.3 million euros in the first half due to losses on derivatives and goodwill.

The results related to the business are better and Eurazeo shows a revenue increase of 5.3% to 1.907 billion euros.

EBIT (earnings) of consolidated companies adjusted to 200.5 million euros it is up 7.7% over the same period last year.

Eurazeo reported a stable net asset value to 70.1 euros 70.3 euros against 31 December 2010.

The financial holding company, which had returned to profitability in 2010, reiterated its goal to create 2 billion of value creation by 2014 thanks to new acquisitions.

Eurazeo has launched this year in a series of acquisitions by taking over the fund OFI Private Equity, participation in the group of ready-to-wear Moncler and the land administration.

The holding company has stakes in listed companies such as Accor or private car rental company Europcar.