For the year ending in late March, the maker of consumer electronics forecasts a deficit of 780 billion yen (7.8 billion euros). The market was expecting before the revised forecast a deficit of 470 billion yen, according to ThomsonReuters I / B / E / S.

Rival Sony said Thursday expect an annual loss of 220 billion yen (2.2 billion euros), almost twice more than expected by the market, highlighting the extent of tâ ; che the new boss of the group, Kazuo Hirai.

For the quarter October-December, the third year, the net loss of Panasonic amounts to 197.6 billion yen. The market was expecting a net loss of 8.4 billion yen.

The action Panasonic has dropped by 45% over the last 12 months. Thursday, she finished her read down for over 30 years.

"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.

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 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.

A meeting of the "last chance" is scheduled in Brussels on Tuesday to prevent a drastic reduction of a European food aid to the poor from agricultural funds. If no agreement is reached, the program will increase from 480 million euros per year to 113.5 million euros in 2012.Currently several European states form a blocking minority which opposes the continued existence of the annual budget of the European Programme of assistance to the poor (MDP) – funded by the Common Agricultural Policy (CAP) – the result of a decision of the European Court of Justice in April.

Four charities have warned Monday in Paris that the decline of European funds allocated to the poor could cause a "tsunami food" in countries of the European Union. Les Restos du Coeur, Secours populaire, the Red Cross and the French Federation of Food Banks (FFBA) have called on ministers to "take responsibility" to find a solution quickly and avoid a "humanitarian crisis" in 2012. "We are facing a new situation (…) While there has never been more demand, there has never been so many threats on our action," said Olivier Berthe, president of the Eating Heart.With 80% of European funds and less, "the associations are likely to distribute 130 million meals in less than in 2012," said Didier Piard, head of advocacy at the Red Cross.

According to one European diplomat, Germany, the United Kingdom, the Netherlands, the Czech Republic, Denmark, and Sweden have so far opposed a transitional formula that would overcome the objections of the Court of Justice and maintain the MDP at current levels for 2012 and 2013."We have nothing against helping the needy, but this is social policy, which is the responsibility of Member States," said a diplomat from one of these states.

13 million people in need

This program, established in 1987 under the leadership of the President of the European Commission at the time, Jacques Delors, in response to the call of the founder of the "Restos du Coeur" Coluche, helps distribute through 240 charitable organizations, support of European stocks pulled the CAP to more than 13 million people. Nineteen of the 27 EU states benefit, at whose head Italy, Poland and France.

But the last two years, the inventory level was so low that the EU had to compensate for large purchases of food destined for food banks.Following a complaint from Germany, the European Court of Justice in Luxembourg in April estimated that these purchases were incompatible with the CAP, requiring the Commission to bring the envelope for years to come at the existing stocks, or 113.5 million euros.

A prospect that provoked an outcry. The European Commission has finally found a way around the objections of the Court, but now faces the blocking minority. In recent days, several states in favor of maintaining the program at its current level have engaged in intense lobbying skeptical countries to try to convince at least one, and thus to shatter the blocking minority, explained diplomats.

A few months before the presidential election, it's a stir of Education launched by the OECD. In its Report 2011 "Education at a Glance", released Tuesday, the organization that brings together the richest countries of the world considers "alarming" the wages of teachers in France.

First, the average statutory salary (excluding bonuses and overtime) of primary teachers or secondary school is less than the average of OECD countries, both for new teachers (25% approximately), for those with 10 or 15 years of professional experience (from -14% to -17% depending on the level of education).Only late-career salaries are slightly above the OECD average.

"This is a first criterion quite alarming, but also, when you look at the evolution of the statutory salaries between 1995 and 2009, France with Switzerland is one of the two countries that have had a steady decline of teacher salaries ", commented at a press conference Eric Charbonnier, education policy analyst in the OECD. In fact, the evolution of the salary of a teacher of junior high school with 15 years of experience has gone from an index 110 to index 95, according to OECD criteria.

"These OECD statistics merely reflect a sad reality that French teachers are paid less than their counterparts in developed countries and their standard of living has steadily deteriorated over the past ten years, says the expansion. com Daniel Robin, secretary general of the SNES-FSU, the main union of Education.It is even worse for two years: the freezing of the index point in the civil service and the increase in pension contributions and CSG [through the pension reform of 2010, Ed] result in a net loss purchasing power for teachers, "he adds.

1666 euros early career

According to INSEE, the average monthly income of a primary school teacher was 2367 euros in 2008, 2423 euros for professors, certified teachers in higher education. This is slightly higher than the average wage of a civil officer of the State (2328 euros net per month). But it is almost two times less than a part in the private sector (equal status with certified teachers and aggregated), who earns an average of 4081 euros per month.

According to the compensation schedule of the Ministry of Education, a school teacher earns 1666 euros early career and 3026 euros in late career. Same salary scale for certified teacher. The aggregate earn more: 2032 euros in early career after Euro 3722 30-year career. For secondary school teachers (secondary schools), in addition to such remuneration bonuses, miscellaneous allowances and overtime. All of which can reach 200 to 250 euros per month depending on the SNES-FSU.

Levels well below other major economies. In Germany, the average monthly salary of a certified teacher of over 15 year career amounts to 5,400 euros, according to OECD data. United States, the same teacher earns 4150 euros a month.In France, it affects only 1913 euros and 2540 euros (after 20 year career) to finish at 3,000 euros.

These statistics will not run out of the debate for 2012 election, while the right plans to increase the time spent by the course teacher, for a fee (the "work more to earn more" dear to Nicolas Sarkozy ), as Martine Aubry proposes to take into account the number of hours team meetings and meetings with parents, and Francois Hollande is prepared to recreate the 70,000 positions eliminated in five years. Alas, none of the candidates meets the wishes of the unions, "an appreciation of teachers' salaries at a level at least as high as the average of rich countries," explains Daniel Robin.

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.

Equity markets were initially retreated after the speech of the President of the Federal Reserve, it has not announced specific measures to strengthen the U.S. economy.

But investors finally judging that the U.S. central bank left the door open for further support measures, the values ​​are rising again.

"He did not offer the market a signal from a 'EQ3', but has not ruled out either," said Kevin Caron, Stifel Nicolaus analyst in New Jersey, about a possible new round of quantitative easing.

The Dow Jones finished with a gain of 1.21% or 134.72 points to 11,284.54 while the S & P 500 closed up 1.51% or 17.53 points, to 1176, 80.

The Nasdaq was awarded for its 2.49% (60.22 points) to 2479.85.

For the week, the three indices gaining 4.3%, 4.7% and 5.9%.

The CBOE volatility index, known as "fear gauge", fell 10.2% after several days of uncertainty about the contents of the intervention of Ben Bernanke.

Technology stocks have had a particularly strong session.Cisco Systems gained 1.59% to 15.32 dollars, Microsoft has made 2.77% to 25.25 dollars, and Intel has awarded 1.8% to 19.77 dollars.

The sector index of information technology has gained 2.3%.

"The market is a broad rally, and as the technology has particularly suffered in the last sales phase, we see them now at the top of the rise," said Gary Wedbush, head of trading in the regional investment bank Wedbush Morgan in Los Angeles.

The jeweler Tiffany jumped 9.35% to 69.01 dollars after raising its full-year and good second quarter results.

Trading activity could be affected next week by Hurricane Irene along the East Coast of the United States.

The exchange operator NYSE Euronext said the New York Stock Exchange plans to open normally next week, but a final decision would be taken until Saturday or Sunday, because of the risk of flooding during Hurricane .

Ford and Toyota want to collaborate on the development of hybrid vehicles and energy efficient, but also embedded telephony, Internet and entertainment.

Seal a final agreement this collaboration is to be concluded during 2012.

Toyota is the world leader in hybrid vehicles with 3.3 million units sold since launching the Prius in 1997. The vans of Ford's F-series are for their best selling in the U.S. market since the 1970s.

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.