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Chrysler saw its car sales in the U.S. jump 44% in January, thanks to his Jeep, while his great rival General Motors has lost ground. Chrysler sales have far exceeded the expectations of some analysts who had forecast an increase of 35%, confirming the return unlikely the smallest U.S. automaker, three years after depo t balance. By contrast GM, the largest U.S. carmaker, has announced a 6% drop in sales in its home market last month, while Ford Motor saw sales increase by 7% over the same period, supported by the success of its Focus small cars, whose sales rose 60%. So far, January sales are part of an annual rate of 13.7 million for the entire market, exceeding the target of 13.5 million some analysts. These sales are increasing, even as automakers limit the financial incentives, which was their primary strategy before the restructuring of 2009. "The days when we were looking at any price to gain market share is over and most manufacturers are focusing on what is really important, ie on profitability," TrueCare says analyst Jesse Toprak. 11 years average age for GM, which sold 167,962 vehicles, the market was expecting a decline of 9% compared to January 2011, when the group had made offers. The group expects a car market in the United States between 13.5 and 14 million units in 2012, while the American branch of Volkswagen, for its part provides a market of 13.7 million over the year. Aging cars, which are now reaching a record average age of 11, promote the increase of new car sales, U.S. households back on the market after having postponed their purchases during the crisis. Ford, No. 2 in the U.S., sold 136,710 cars, up slightly behind the expectations of some analysts polled by Reuters. VW and Nissan Motor Co also announced an increase in sales in the U.S. market. VW's sales rose 48% to 27,209 vehicles, supported by the arrival of its Passat sedan, and Nissan rose 10.4% to 79,313 units. During a conference call, Jonathan Browning, director of VW in America, estimated that U.S. consumer confidence improved, but not at a steady pace. Chrysler released Wednesday its first annual profit since 1997. The group was No. 4 in sales in the U.S., behind GM, Ford and Toyota. Sales of Toyota in the U.S. rose 7.5% in January to 124,540 units. By 1900 GMT, the GM shares gained 1.54% to 24.39 dollars while Ford lost 0.64% to 12.34 dollars while the S & P 500 advanced 1.15%.

During the Franco-German summit in Strasbourg, Angela Merkel has made the ECB does not undertake more to calm soaring interest rates, preferring a stronger fiscal discipline to the States. But it is not safe for the German economy … Chancellor Angela Merkel in Berlin.

Markets continue to worry for Europe. The Paris Stock Exchange (-0.18%), Frankfurt (-0.54%) and London (-0.24%) have once again closed in the red on Thursday night. Investors were disappointed by the Franco-Germano-Italian held in Strasbourg, and has not provided an answer to soaring interest rates of the states of the euro area. Italian and rates again exceeded 7% in late afternoon.At this summit, Angela Merkel and Nicolas Sarkozy said they would do "proposals to improve the governance of the euro", refusing however to include a reform of the European Central Bank to establish as lender of last resort and thus relieve the rates. It was the wish of the French president, but Angela Merkel is always hostile. She prefers to impose a priority in budget control by Brussels that would oblige member states to return quickly to the nails of the Stability Pact. But this strategy is not without risk for Germany itself, as shown by recent events.

Interest rates on the rise

This is not a fire, but heat stroke has occurred. The rates at which to finance Germany jumped to 2.26% on Thursday, the highest since late August after a failed fundraising in the bond market Wednesday.

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.

The first results of union elections in the State civil service reflects a surge of reformist organizations (FOR, UNSA and CFDT). Three million will elect officers on October 20 their union representatives.

The first results of union elections in the State Civil Service, made public Friday, reflect a surge of reformist organizations according to experts, that link including the growth of FO and UNSA and erosion of the CGT. The day after the election for which about two million state employees were called to elect their representatives in the equivalent bodies in the private councils, the Minister of Public Service, François Sauvadet unveiled interim results.

According to these results do not include the votes of Finance (165,000 subscribers) and Justice (75,000 subscribers), the FSU continues to lead with 19.1%, followed by FP that collects 16.2% of the vote. The latest results placed the two organizations, respectively 20.6% and 15.4%. For Anne Baltazar (FP), "if the results are logical, it holds the rope for first place in the State Civil Service", the FSU is not present in Finance.

A participation rate of 51%

"So far so good, the results are good," has carried out its Groison Bernadette (FSU), noting that the organization consolidated his first place in Education. The UNSA, who was fourth and climbed into third position (15.3%), greets his part "satisfactory results" show that "the strong commitment to our agents and reformist humanist values."Then come the CFDT (14.5%), a "uphill" as one of its representatives Brigitte Jumel, the CGT (12.8%), Partners (6.2%), GSC (5.8 %) and CFTC (3.9%).

In presenting these results, François Sauvadet said the turnout of all elections was 51.2%, which is affected by the worst score in Education (40.4%). Apart from this rate "not extraordinary", Guy Groux, a researcher at Sciences-Po, points out that these initial results should be treated with caution as they fail Finance, nearly 15% of registered voters.He noted, however, that "unions are not necessarily favored in the private, such as FSU, UNSA, or FOR, take their game completely," pointing in particular a "sharp increase in Unsa".

The CFTC under the carpet

Bernard Briere, Institute of Economic and Social Research (IRES), for its part is a "rise of the reformist pole" (Unsa, CFDT and FOR) and a hypothesis: "a call for negotiations." For Bernard Vivier, the Higher Institute of Labour, "the surprise is for FOR, CGT while eroding a bit", the result of Finance, however, may change the situation. For unions, which defend their right to negotiate but also their means, the stakes of this election is crucial because the rules of representation have changed the law of 5 July 2010 on the renovation of social dialogue.

Representative to stay, organizations must obtain seats in the various bodies, forcing them to cross thresholds ranging from 3% to 7.5% (against 10% in the private sector). Based on preliminary results, Mr. Vivier, believes that the CFTC passes "certainly at the door," while it should be checked for the GSC. Mr. Briere notes that "small unions have a little progress, but have not achieved what it takes to be representative." Hacquin Vincent, head CGC, however, ensures that the organization was representative, noting that "no one goes so far."

The results of the economic ministries are expected in the evening on Friday. The officers of the Department of Justice that will vote Nov. 22 due to quirks in the preparation.The results for the public hospital where a million workers were also asked to vote Thursday, are expected in early next week.

According to the Minister of Economy, the European Commission proposal to increase the capital adequacy ratio of banks to 9% "can absorb a shock." Budget Minister Baroin regrets the refusal of PS on the constitutional question of the balance of finances

The proposal of the European Commission and its President Jose Manuel Barroso to recapitalize banks is "acceptable", said Friday the French Minister of Finance Baroin. "The position of the Commission Barroso and two days ago is acceptable. A level of 9% of equity" to be achieved by European banks "by the end of the first half of next year, it ' is, "he said on Europe 1 radio.

According to him, "9% in 2012, it can absorb shock." He reiterated that this concerned primarily banks that failed the stress tests at the beginning of summer and those who have passed narrowly.Banks should try to recapitalize "on the basis of their results" by distributing less dividends and less bonus, "warned Baroin, like the European Commission." They should not do so at the expense of economic activity, credit to individuals and business credit, "he said.

"If they can not, they will do in the markets, if markets are not enough they will find partners, and ultimately there will be a limited possibility of a European coordination" for public assistance, the minister added . He again suggested that the European Financial Stability Fund (EFSF) provides that state aid to schools that need it, as its new statutes in force since Thursday so authorize.Germany believes he can do that for banks in countries which already have an international aid program (Greece, Portugal, Ireland).

Baroin But he reiterated that French banks do not find themselves in the position of having to seek government assistance. On Greece, the Minister confirmed the new position of France, which was resolved Thursday to recognize that the creditor banks would have to erase the country a majority of government debt. The discount provided to date to the private creditors of Athens, in the agreement of July 21, is 21%. "For three months the markets have evolved, they have deteriorated (…) We left at 21% July 21, it will be, it is almost certain," he said. "How high? Is being discussed."

He also felt that the figures circulating going "well beyond 50%" were "fanciful"."Three quarters of the Greek debt is held by private (…) We will not cut the whole," he said. "If it requires a private discount that is not tenable, then that will invest in Greece?" Asked Baroin.

He then said that the Heads of State and Government of the euro zone announce their decision on this issue at the summit in Brussels on 23 October, without specifying whether they would disclose the amount of the new haircut or just the principle.

Lafarge announced on Wednesday the sale to the Australian Boral its stake in their joint venture equally in the plaster in Asia worth 429 million euros as part of its debt.

The world cement continues its withdrawal from the plaster, the smallest of its three businesses, in February after setting an ambitious target of over two billion euros of debt, half by reducing the dividend, and for other by a decline in investment and new divestitures.

Final completion of the sale of its share of Lafarge Boral Gypsum Asia (LBGA) expected before the end of the year, Lafarge said in a statement.

The price of EUR 429 million represents the value from Lafarge LBGA.Excluding debt and minority interests, the price stood at 380 million euros.

Founded in 2000, LBGA conducted last year in sales attributable to the group of 181 million euros and EBITDA of 31 million.

Lafarge had already announced July 22 the sale of its gypsum in Australia in its German competitor Knauf for a net worth of 120 million euros, ten days after entering into exclusive negotiations with the Belgian Etex plaster to give up his European and South America, for a net amount of 850 million euros.

With these assignments, which follow the cement and concrete assets in the United States announced in May, Lafarge will far exceed the target of disinvestment of 750 million euros it has set for 2011.

The group's debt, inherited largely from the acquisition of the Egyptian Orascom in 2008 reached 14.3 billion euros at the end of June.

Moody's announced on August 5 lower the debt rating of Lafarge Cement in the speculative grade, five months after a similar decision by the Standard & Poor's.

Christine Lagarde will be investigated for "complicity in false" and "complicity in misappropriation of public property." The former boss of Bercy, which is supported by the IMF, minimizes the consequences. Explanations. Christine Lagarde will be investigated for his role in the settlement of the case Tapie / Credit Lyonnais.

The Court of Justice of the Republic (CJR) has to decide: Christine Lagarde, former Minister of Economy recently promoted to head the International Monetary Fund (IMF), will make it the subject of an investigation. Involved, its role in the settlement of the case Tapie / Credit Lyonnais end of 2007, when it was flying Bercy. The petitions committee of the CJR was no further action or to file a "favorable opinion" in an investigation. She finally chose the second option.

Where does this decision?

Christine Lagarde, who took the head of the IMF in Washington on July 5, should have known since last month when his term would be marred by an investigation of French justice. The prosecutor at the Supreme Court, Jean-Louis Nadal, took the petitions committee of the RGC in the month of May, at the request of Socialist deputies.

From 2010 in fact, members of parliament had in effect challenged the decision by Justice Christine Lagarde to resort to an arbitral tribunal for the settlement of the case Tapie / Credit Lyonnais. But December 31, 2010, the Administrative Court of Appeal of Paris ruled inadmissible approach.

In February, it was the turn of the Court of Auditors estimated that the tribunal was not lawful. The judges felt that the state should have questioned the Parliament, and therefore there was "a lack of statutory authority."In late March, the Finance Committee of the National Assembly had also published an information report on the amounts allocated by the state to Bernard Tapie.

The petitions committee of the RGC, which was finally held on July 8, was first postponed its decision because one of its members, the magistrate at the Court of Auditors Laurence Fradin, wife of former minister Peter Joxe, recused herself at the last minute.She finally settled on Thursday.

What is justice wants to know?

Jean-Louis Nadal, several factors suggest an "abuse of authority" by Christine Lagarde in the arbitration that ended in July 2008 the conflict between Bernard Tapie and the former state-owned bank Credit Lyonnais, about the sale of Adidas in 1993.

The arbitral tribunal, a court privately condemned the Consortium de Réalisation (CDR), the public structure that managed liabilities of Crédit Lyonnais, Bernard Tapie to pay 285 million euros in compensation, or 400 million euros interest. While at the time Bercy considered that Bernard Tapie should really feel that between 20 and 50 million of the state, he would, according to some parliamentarians, pocketed more than 200 million euros.

Three points are controversial.First, the fact that Christine Lagarde has chosen, in 2007, a private arbitration rather than litigation. And against the advice of the Department, even though the State had won in 2006 before the Court of Cassation, the highest court in the country.

Second, the arbitration agreement was amended to permit the award of 45 million euros in the single title of "moral damage". Last, Christine Lagarde has given up on behalf of his ministry, in an appeal against the outcome of the arbitration, however, recommended services

Read about: What is accused in the case Bercy Tapie

What will happen now?

The prosecutor at the Supreme Court must now seize the commission investigating the RGC, which will investigate.Jean-Louis Nadal being who retired in late June and his successor Jean-Claude Marin has not yet assumed office, steps back to the first Dean of Advocates-General. Cécile Petit, who is temporarily acting, the commission should take "in the coming days."

The inquest will examine the heads of "complicity in false" and "complicity in misappropriation of public property", heads facing ten years in prison and 150,000 euro fine. A more severe penalty than for "abuse of authority", a crime punishable by five years in prison and 75,000 euros fine. The head of "complicity in false" was chosen because the arbitration of the dispute has been changed to a step in the procedure, allowing spouses Tapie reach 45 million euros in the single non-pecuniary damage, an "anomaly may constitute a false, "a judicial source.

Christine Lagarde's lawyer objected to the choice."It having been in the arbitration agreement, the term moral damages in place of personal injury," said Yves Repiquet But the former economy minister had no knowledge of this change. Therefore, "how do you it is complicit in that?" "I would add that this is not a fake. A project that is changing is not a fake. A fake is when you alter the authenticity of a document," he said. About the complicity of embezzlement of public property, Yves Repiquet judge that the choice of the petitions committee of the CJR is "madness".

Christine Lagarde is she considered?

If the investigation provides sufficient evidence, Christine Lagarde could be referred to the CJR, judging the facts alleged members of the Government in carrying out their duties.But not in the immediate investigation will be long and the boss of the IMF will probably not be judged for several years. Since its inception in 1993, the RGC has examined more than a thousand complaints and has found that six ministers.

What are the risks to his career at the IMF?

A few minutes after the announcement of the decision of the CJR's lawyer Christine Lagarde Yves Repiquet assured that the investigation is "not incompatible" with its "current position as executive director" of the IMF.

The Fund has indicated that member states represented on the board trusted the director Christine Lagarde, despite the opening of the investigation."The board believes it can effectively perform his duties as CEO," said the institution in a statement, noting that the possibility of such an investigation had been discussed prior to his appointment to this post .

"That the petitions committee decides whether or not to continue the investigations, I have exactly the same confidence and the same serenity," said his side had the applicant on July 6, days after his appointment to the IMF.

The rating agency believes that the new aid package to Greece means a credit event of partial default on long-term debt of the country. The offices of the rating agency Fitch in New York.

Fitch Ratings has taken the first. Following the announcement of the bailout European Greece, Franco-rating agency in New York said Friday that it would put the note in default part of the country.

The agency, which considers "important" and positive "the agreement reached by the countries of the euro area to hold the debt crisis shaking the monetary union, says that Athens will default on its old bonds, according to its criteria . In effect the new rescue plan involves a contribution from private creditors, which amends the original terms of their loans.

A new note will then be attributed to the Greek sovereign debt, but probably in the bottom of the speculative grade by Fitch Ratings.

At this level the Nikkei falls below its moving average 200 days, 9900.

After the decommissioning of Ireland Moody's Tuesday and that of Greece Wednesday by Fitch, Moody's said Wednesday it placed the United States under surveillance with risk of downgrading.

"The problems of the U.S. debt ceiling could be resolved just before the deadline, then the financial markets, still agitated about the debt crisis in the euro area, will face uncertain several weeks," said Nagayuki Yamagishi analyst investment in Morgan Stanley Mitsubishi UFJ Securities.

The announcement by Moody's in particular boosted the yen against the dollar, which weighs on Japanese exporters.

Panasonic particular ended down 1.44%, Toshiba down 1.43%, while Sony drops 1.02%.

The Brazilian government withdrew its support for the controversial merger between a subsidiary of Carrefour in Brazil and distributor Grupo Pao de Acucar (GPA), casting serious doubt on the chances of success of the operation.

The project announced in late June and immediately triggered the wrath of Casino, the largest shareholder in GPA, was to be financed by a public institution, the Brazilian National Bank for Development (BNDES), a kind of Brazilian Caisse des Depots.

Apparently surprised by the vehement opposition of the Casino, who spoke of a project "expropriation" and the opinion of Brazilian President Rousseff has decided not to support the project, officials said a government source Brazil.

"The way the agreement was handled was disappointing (…) and the government decided to withdraw its support to the financing" of BNDES, said a senior official who requested anonymity.The government, he added, however, might reconsider their position if the terms were changed.

A spokesman for the government for its part, declined comment.

This policy reversal in Brazil, which occurs after an intense lobbying campaign conducted by the CEO of Casino, Jean-Charles Naouri, is a major setback for Carrefour.

LITTLE CHANCE OF SUCCESS

The project, which would create a heavy weight distribution in Brazil with a turnover exceeding 30 billion euros, would allow Carrefour to expand its presence in a country strategic growth, while after three profit warnings, the battle group to address its performance in France and Europe.

Asked Tuesday morning, Carrefour, which has conditioned its consent to the green light from the council of the BNDES, refused to comment on.

In the entourage of the group, there was, however, that the latest developments in Brazil did not constitute an official position of the BNDES.

"The project was presented to Carrefour through a set whose support of the Brazilian government and competition authorities (…) It is unclear how the parties could find an alternative arrangement that takes the blow," said an analyst who wished to remain anonymous.

The chances of success of the merger are now "on the order of 10%," he added.

At the Paris Bourse, Carrefour was the title down sharply in late morning, the image of the entire market, a decline of 3.3% to 21.80 euros, while limiting its back to Casino 1.7% to 62.27 euros.

While the case has taken a political turn in Brazil and the government support has weakened over the day, Abilio Diniz, the wealthy and influential businessman at the initiative of the project, provided in a press interview, he had an alternative financing in case of withdrawal of BNDES.

Strong growth, Brazil is a strategic market for the two French groups.Carrefour second market after France with 12.3% of total group sales, it accounts for about one third of 11.12 billion euros in sales of Casino International.

"Carrefour's management really expecting that the deal is done and that the expected synergies allow it to significantly improve profitability in Brazil," said RBS analyst Justin Scarborough.

The war for control of the distributor broke out June 28 with a scheme of merger between Carrefour and GPA, already partnered with Casino pursuing a long-standing strategy of conquest in Latin America.

Abilio Diniz and Casino to hold the parity holding company of GPA (Wilkes) and Casino has, pursuant to a shareholders' agreement signed ten years ago, an option to take control from June 2012.

Casino currently holds directly and indirectly, 43% of the capital and 67% of the voting rights of GPA, while qu'Abilio Diniz holds 21% and 33% respectively.

After two years of contacts, at the initiative of Abilio Diniz, discussions are set out in June with Carrefour before reaching the scheme of amalgamation of GPA and Carrefour Brazil.

According to several sources, the Brazilian businessman had long been eager to be associated with a capital of Casino, an option that would not have received the favor of Jean-Charles Naouri.