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PagesJaunes intends to forego the dividend in 2012 as a precaution in order to give maximum flexibility to consider options to refinance its debt, said Wednesday its director gen ; eral Jean-Pierre Remy.

Heavily in debt, the publisher of printed directories and online, announced Wednesday he will propose to the unusually next general meeting of shareholders to pass the dividend for in 2011.

"The current market conditions are not particularly favorable (…) and therefore we consider that we must maintain maximum flexibility in the short term in our choice of financing options," said Jean-Pierre Remy. 

The shareholder of PagesJaunes, Mediannuaire, supports "full" this initiative is in no way representative of the political future of the group's dividend, he said ;.

The leader of the French group said he was "serene" about the group's ability to refinance the last installment of its debt, which matures in November 2013, while pre , specifying that the formal process had not yet been committed.

"The scenarios are very wide, very open. We want to give it time," said Jean-Pierre Remy, adding that the refinancing would likely over the next 12 months.

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.

Germany has registered a growth of 0.5% of GDP in the third quarter. Much better performance than the average for the euro area (0.2%). However, analysts expect a stagnation or a decline in GDP in the fourth quarter. The German Chancellor Angela Merkel

Germany has registered a growth of 0.5% of its Gross Domestic Product (GDP) in the third quarter, a better performance than its French neighbor, which attests to the strength of the first European economy to the air hole waiting . Without revive its vitality from the beginning of the year (+1.3% in the first quarter), growth resumed during the summer months, depending on the initial estimate at constant prices and seasonally adjusted, published Tuesday by the Federal Statistical Office Destatis.

The Franco-Belgian bank Dexia said Wednesday it has decided to increase the capital of its French subsidiary Dexia Credit Local (DCL) after write-downs that the group had to save his Greek government bonds.

Dexia had to spend a total depreciation of 2.3 billion euros 2.9 billion exposure to Greece following the Greek debt restructuring agreed by the European Union with the private sector.

In total, Dexia said in the first nine months of the year, the impact of disposals, depreciation and provisions on its books reached 10.513 billion euros.

INTERIM STATEMENT

Dexia has not released financial results Wednesday, strictly speaking, but "an interim statement" taking stock of its financial position following the split of the current group.

First victim of bank scale of the crisis of European sovereign debt, Dexia should remain ultimately in the form of a holding company listed in Brussels which will combine the activities of financial services to the public sector in France, Spain, Italy and Germany.

Ryanair said Monday it has increased by 10% its profit forecast for 2011-2012, an increase in revenue per passenger per mile to offset the high cost of kerosene.

The first low-cost airline said he had been European virtually no impact of the decline in consumer confidence but added that traffic would fall in coming months because it had grounded 80 planes in response to high fuel prices.

"Bookings are well underway for months at a level slightly higher than the same period last year," said Howard Millar, Ryanair's chief financial officer.On its first half, earnings totaled 543.5 million euros, up 20%, while sales amounted to 2.71 billion euros.

On this six-month period, the number of passengers carried increased by 12% and rates of 13%, while costs increased by 13%, mostly in kerosene.

Lufthansa and International Airline Group (IAG) both announced last week the results strongly affected by rising fuel costs.

Howard Millar said further that the sale of 29% stake in its competitor Ryanair's Aer Lingus would probably be more to the agenda in the coming months, since British Airways, which could be the 'prospective purchaser had bought bmi.

The deterioration of the Spanish note and doubts about the French note resurface critics are against the rating agencies. Decryption in four points. Moody's in New York.

Rating agencies are again talking about them. After the decision by Moody's to consider placing the French note on negative watch, the issue of their decision-making arises. Back to agencies in four points.

How Does it take decisions?

This is the work of two people in the agency, "managing director" and the analyst in the country studied. They bring together a panel of several analysts (5 to 12 people), and a majority vote following a debate on the prospects of the country. The evaluation criteria focus on four principles. First results with the economic analysis of per capita GDP.Then they evaluate the level of indebtedness of the country with the analysis of public debt relative to national wealth. Third criterion, political strength of a country, a test that was particularly important when Standard and Poor's downgraded the United States in battle between Democrats and Republicans. Finally the agency is studying the history of default of the country. "Their decision is not from a macroeconomic model as is the case for the projections of the ministries or central banks. This is more of a qualitative opinion.Countries are alerted to the decision a few hours before it was released, "said Bertrand du Marais of the University of Nanterre on Slate.

Read: Why France must not lose its triple A

France, she deserves to be degraded?

Moody's decision to consider the placement of the note falls under supervision of course, not abuse. The situation of public accounts in France is worrying. With debt levels at 1.692 trillion euros (86.2% of GDP), Paris is – the 17 countries rated AAA by Moody's – one of the states with the most fragile public finances. The United States, degraded this summer by Standard and Poor's are worse (100%) but investors remain attracted by the U.S. debt. Furthermore, the primary deficit of France off the debt burden reached 3% of GDP, far more than its neighbors triple A rated, the Netherlands (1.6%) and Austria (0.5%).It is these figures that the agency emphasized. Moody's said the financial strength has "weakened (…) because the economic and financial crisis worldwide has led to a deterioration in its debt ratios that are among the most vulnerable countries rated AAA." That said, nothing to panic about the likely reduction of the note according to Alexandre Delaigue, an economics professor at Saint-Cyr and co-author of the blog econoclaste. "Overall, the consequences (a degradation) would be minimal because in fact the creditors have already as if France had already lost its best."

Also read: What I really want the rating agencies

And also: Credit rating agencies for Dummies

Why do we critique always agencies?

For several reasons. First, because they have made many mistakes in the past.After controversy over the rating of companies, including Enron, they were accused of having had a major responsibility in the crisis of suprime, giving the maximum for certain financial products that eventually led to the financial crisis. Moreover, they were criticized for their lack of transparency about the products noted. A former employee of Moody's recently revealed that some banks had withheld information to be rated by these agencies.

Today's critics include on Moody's. The agency would degrade too quickly some states. "Moody's has totally missed the Greek crisis and the subprime crisis. We realize that with Italy and Spain it is trying to change this image agency late. But it is clear that it is too brutal "said Norbert Gaillard, author of" rating agencies ".

How to reform?

Europe has raised the idea of ​​creating a European rating agency. The goal is to break the virtual monopoly of the three agencies, Standard and Poor's, Moody's and Fitch. But it would not address the accusations of bias, is Gunther Capelle-Blancard, professor at the University of Paris 1 Panthéon-Sorbonne and Deputy Director of CEPII. "The doubts about its independence would be very strong. The proof now European leaders are trying to put pressure on agencies that do not have the figures for Greece in such a negative." Norbert Gaillart advocates for its intervention by the European Central Bank. "The ECB should be the sovereign rating. It would do this based on his notes to her and this would allow it to be more independent rating agencies."

Read also: The European rating agency, such a good idea?

The Tokyo Stock Exchange ended down 0.86% Wednesday after clearing its initial gains, foreign investors still selling, especially as Fast Retailing, a title traditionally enjoyed, fell sharply after the publication by the distributor disappointing numbers.

The Nikkei lost 73.14 points to 8,382.98 and the Topix, broader, sold 9.93 points (1.35%) to 726.25.

At this level the two indices are close to the lowest reached in March after the earthquake and tsunami.

Fast Retailing finished down 4.03% after announcing that sales on a comparable basis of Uniqlo, knew fell 10.7% year on year in September.

The markets also reacted to the presentation to the United States to the new version of Apple's iPhone.

Softbank and KDDI, which will market the new Apple smartphone, finished in decreases of 4.42% and 0.9%, outweighing the disappointment after the presentation of the new general manager of the Apple brand Tim Cook .

The Greek government approved on Sunday evening a plan to reduce the number of employees, matching the most controversial release of financial assistance from the International Monetary Fund (IMF) and the European Union (EU).

The project creates a "worklist", where 30,000 employees would be affected by the end of the year with a drop of 40% of their compensation. After a year they would be dismissed.

"Measuring worklist was unanimously approved," he told Reuters a vice minister at the meeting of the cabinet.

Equity markets fell to a low of 13 months Thursday, signs of slowdown in the industrial sector in Europe and China fueling fears of recession in the wake of alarming economic outlook given by the Federal Reserve of the United States.

Faced with the loss of investor confidence, the dollar, especially U.S. Treasury bonds, have emerged as the ultimate safe haven.Gold fell to the contrary.

The MSCI world equity index fell 4.5%, which pore its losses to 16% since the beginning of the year.

The three major indexes on Wall Street fell for the fourth straight session, as volume expanded to 13 billion shares traded.

The Dow Jones lost 3.51% or 391.01 points at 10,733.83 points, while the Standard & Poor's 500, part of fund managers, fell by 3.19% or 37.20 points, to 1129.56 points, after a moment passed down the line key 1,120 points. The Nasdaq Composite has given 3.25% or 82.52 points to 2455.67 points.

The CAC 40 index fell 5.25% to 2781.68 points, in a transaction volume of 4.27 billion euros.The day ended with a loss of over 40 billion euro market capitalization only on the values ​​of the benchmark index of the Paris Bourse.

The London Stock Exchange lost 4.67%, the Frankfurt and Milan 4.96% 4.52%.The pan-European Euro Stoxx 50 index dropped 4.9%.

The Fed on Wednesday raised "significant downside risks" to the economy of the United States, before announcing an "Operation Twist" 400 billion dollars to bring down long rates, and support activity.

But Wall Street estimates that only 15% chance that the "Operation Twist" gives a real boost to the U.S. economy, according to a Reuters poll of primary dealers of Treasury.

EURO, GOLD AND OIL DOWN

Fears of a relapse of the global economy have intensified Thursday with the contraction in private sector activity observed in the eurozone and in China and in the absence of affirmative action in economic from the political leaders .

"Investors realize that one side, the economy slows down and across the developed countries like the United States and Europe have more and more difficult," said Michael Sheldon, market specialist at RDM Financial.

"As a result, investors out actions to rush on U.S. Treasury bonds, which only seem to represent security today."

In this unfavorable context for risky assets, return on German government bond (Bund) was relaxed to 10 years of nine basis points to fall to 1.68% – a new record low – and that of the French OAT ten basis points to 2.52%.

In the U.S., the yield on Treasuries of ten-year benchmark fell to 1.72%, its lowest level in at least 60 years, against 1.87% late Wednesday. The paper at age 30 has fallen below 2.8%, the lowest since January 2009.

The euro fell below 1.35 dollars, its lowest in seven months and was trading around 1.3430 / 34 vis-à-vis the ticket to Wednesday night against 1.3584.

The dollar's gains have led to the decline in raw materials. Even gold, considered a safe haven, lost nearly 5% to hit its lowest level in nearly a month because of the rising dollar.The spot gold was trading in the last place around 1737 dollars per ounce.

In fear of a recession, investors sold mainly cyclical stocks, as European car (-6.67%).

Similarly, banks, weighed down by an endless debt crisis in the euro area remain under pressure, including the French institutions. BNP Paribas lost 5.70%, 9.57% Societe Generale and Credit Agricole 9.49%. U.S. banks also lost ground. Citigroup has lost more than 6%.

Oil prices also ended sharply lower, on expectations of lower energy consumption in a recession.