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29
Sep

U.S. growth revised up in Q2

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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.

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20
Sep

Food aid to the poorest in Europe threatened

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Several countries opposed to the maintenance of European budgets that fund free meals for more than 13 million people. With 80% of EU funds within the associations could distribute 130 million meals in less than in 2012.

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.

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13
Sep

In France, teachers are paid less than other

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Contrary to popular belief, teachers do not run on gold in France. They earn less than their counterparts in rich countries. Above all, their pay has fallen since 1995, according to the OECD. A class of primary Vincennes

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.

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06
Sep

New record for gold

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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.

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27
Aug

Wall Street ends week sharply up

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Wall Street ended the week up on a weekly, after four consecutive weeks of decline, enjoying a renewed hope born of the intervention of Ben Bernanke in Jackson Hole, Wyoming.

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 .

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23
Aug

Ford and Toyota want to join forces around hybrid trucks

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Toyota Motor and Ford announced Monday they plan to jointly develop trucks and SUV hybrid, running on gasoline and electricity, to the market by the end of the decade.

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.

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17
Aug

Lafarge withdraws its joint venture with Australia's Boral

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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.

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07
Aug

Mariani will file the RECIPIENT social benefits

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According to the founder of the Right People, this is "fight against the profiteers from the bottom and the top profiteers of the social ladder." Thierry Mariani, Minister of Transport, and founder of the Right People, right wing of the UMP, will create a file for benefit recipients.

Transport Minister Thierry Mariani said he wanted "a general file of recipients' social, in order to fight against fraud, in an interview with the Sunday Journal dated August 7.

Founder of the Right People, bringing together some forty members embodying the right of the UMP, Mr Mariani says that the group will present "a couple of proposals on sovereign issues, employment and social justice" in the future presidential campaign.

He said these include "fight against the profiteers of + down + and + top + profiteering of the social ladder.Against fraud, I support the creation of a file which lists recipients of general all benefits received. This will see the abuse. One person can affect unduly the RSA in several departments, as none of them does not cross the records, "said he.

Regarding those "from above", Mr. Mariani is in favor of the taxation of "very high financial returns," while "the difference with the contractors, who, themselves, are advancing the country. Against these abusive situations, in top and bottom, our position is balanced, "says he. The Minister also ensures that "security must be a campaign theme" but "it must be accompanied by a stronger justice."

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05
Aug

China and Japan want the discussions on debt crisis

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China and Japan on Friday called for international cooperation after the fall of the markets created fears of fallout of U.S. recession and the debt crisis in the euro area.

These calls of the two major foreign creditors of the United States highlight the growing concern about a major contagion in Asia, where markets fell after the rout Thursday on Wall Street.

European shares continued to plunge at the opening Friday.

French President Nicolas Sarkozy will hold talks on Friday by telephone of the problem of markets with German Chancellor Angela Merkel and Spanish Prime Minister Jose Luis Rodriguez Zapatero, according to a statement from the Elysee Palace on Thursday evening.

The French president also needs to continue discussions started Thursday with the President of the European Central Bank, Jean-Claude Trichet.

The European Commissioner for Economic and Monetary Affairs, Olli Rehn, has interrupted his vacation to return to Brussels. It must take a press conference.

In Japan, Finance Minister Yoshihiko Noda stressed the need to address the problems of distortion on the currency markets, the debt crisis and U.S. economic issue.

"We must discuss these issues," he told reporters after the intervention of Japan to sell yen."Every problem is important but how to classify their problems as a priority to be discussed.

According to traders, Japan sold yen on Friday for the second straight day.This is to curb the rise of the currency, seen by markets as a safe haven, which hampers exports of the archipelago.

ACTION OF THE ECB NOT INCLUDED

China hopes for its part, improve coordination among world powers to deal with risks arising from debt problems in the U.S. and Europe, said its Foreign Minister Yang Jiechi.

Yang stressed the increased risk bonds in the United States and called the world's largest economy to adopt a monetary policy "responsible" and to protect the investment dollars elsewhere.

The latest macroeconomic indicators in the U.S., very poor, and the problems of debt without end in the euro area have revived fears of recession, which has been tumbling Wall Street Thursday, recalling the dark days of financial crisis in 2009.

IHS Global Insight estimates that 40% likelihood of another recession in the United States.

The market rout has spread to Asia on Friday. The Tokyo Stock Exchange ended down 3.7% and fell to its lowest level since the fall of the earthquake in March.

Faced with falling stock markets and some bond markets, investors are investing heavily on the money.Bank of New York Mellon said drowning in deposits, which led her to seek a commission in some of its major customers.

Thursday, investors did not appreciate that the ECB has not bought the paper in Spanish and Italian as part of its bond purchase program restarted Thursday, limited to the State debt Irish and Portuguese, then same as the yield on securities Spain and Italy over 6%.

Friday at the opening performance of the debt of Spanish and Italian state amounted to nearly 6.5%.

WAITING FOR U.S. employment figures

Jean-Claude Trichet acknowledged that within the bank, was not total support for this action, thereby highlighting the divisions in Europe on how to manage the debt crisis that has forced Greece, Ireland and Portugal to seek support programs.

Investors now fear that this is the tour of Italy and Spain, third and fourth largest economy in the euro zone, having to seek a rescue.

Analysts said it would double or even triple the capacity of the European financial stability, EFSF, currently at 440 billion euros to cover savings in the size of Italy or Spain.

United States, economists point out that there is little chance that Congress passes new stimulus when it was decided to reduce spending to compensate for the increase in the borrowing capacity of the country, according to the compromise Tuesday voted by Congress and promulgated by President Obama.

The Federal Reserve, which holds its next policy meeting on Tuesday, can do much more than maintaining a very low interest rates to boost growth, say economists, while its previous buyback programs have been controversial.

In addition, the biggest problem seems to be no employment and credit.In this regard, the monthly figures of employment in the United States, to be published one hour before the opening of Wall Street, are eagerly awaited. Investors expect 85,000 jobs created last month outside the agricultural sector against 18,000 in June.

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15
Jun

Inflation eases slightly in France

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Prices rose only 0.1% in May against a 0.3% increase the previous month through the first eight months of decline since energy costs.

Inflation eased slightly in May in France, energy costs fell for the first time in eight months, while food prices continued to rise, said Wednesday the National Institute of Statistics (INSEE ).

The consumer prices were virtually stable (+0.1%) compared to the previous month, compared to an increase of 0.3% in April. They rose 2% over one year (after +2.1%), INSEE said. Excluding tobacco, the increase is the same.

The inflation figure for June will decide on a possible increase in the rate of the Livret A. If it were to be identical to that found in May, the rate should be raised by 2% to 2.25%.Overall, "increases and decreases balance almost" in May, Insee said: "The seasonal increase in prices of fresh produce is particularly strong this year" after "the prices of energy and transport services and communications are down. "

With lower oil prices, energy prices not only continue their surge, but "declined for the first time in eight months," 1.3% after rising as much in April. Over a year, but they are up 11.3%. The decline is more marked for liquid fuels (-4.9%, +18.3% yoy) for fuel (-1.4%, +12.8% yoy), for both seasonal reasons and because of different tax.

The food prices are rising, they, 1% (+1.3% yoy). After declining in April, fresh rising again by 3.4% (-2.8% yoy), especially not from fresh fruit (+8.1%).The increase in commodity prices including food continues to be transmitted to the prices of coffee, tea and cocoa (+2.1%, +6.2% yoy), oils and fats (+1.4% +4.7% yoy), bread and cereals (+0.6%, +1.7% YoY) and meat (+0.6%, +2.2% yoy ).

Prices for services are increasing slightly in May from 0.1% and 1.8% over one year. Coming out of spring break, the price of air travel down, but the summer approaching, more expensive package holidays (+15.7%).

Further price cuts are recorded in telecommunications services (-1.1%, -2.4% yoy). Finally, prices for manufactured goods fell slightly (-0.1%, +0.2% yoy), while clothing and shoes are a bit more expensive (+0.2% +1.3% yoy), due for promotions.Conversely, promotions are driving down prices of new cars (-1.7%, +2.1% yoy).

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