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Not easy being a socialist candidate in times of budget deficit. On the one hand, we must gather all left, and the other not to antagonize the financial markets, with power to increase the cost of debt. Francois Hollande in his first big campaign rally, Sunday, Jan. 22 at Le Bourget.

Finance the war against Francois Hollande is it already over? Having dug up the hatchet in January at Le Bourget, the PS presidential candidate seems ready to smoke the peace pipe in the British press when he denied any "aggression" against the financial markets.

It's early in the week that François Hollande has raised the white flag. Before going to London, he in effect gave an interview to several British correspondents including the Telegraph, the Financial Times and the Guardian. To reassure all these people came to interview in Paris – and at the same time readers of the City-François Hollande has tried convincing: no it is not regarded in France as a very left financial regulation. And no, the France of 1981 has nothing to do with that of 2012, where "there are more communists," he said. Since the Guardian has restored the full quote by adding the flat "or very little." But the little phrase made noise in France where she has raised the ire of the Communist Party and part of the left. And drew attention to the soothing message of one who presented himself as the exterminating angel of finance.

To please these ears International, Francois Hollande has indeed put barrels of water in his wine. He did not hesitate to recall that during the fifteen where they were in power, the Socialists had liberalized the economy, open markets to finance and privatization. According to him, he and Obama would also have very close positions on the topic: "One could say that Obama and I have the same advisors."

Finance, enemy number one on the inside …

A speech that contrasts clearly with the speech of January 22 Bourget, in which he had made finance enemy number one, it had to be slaughtered at all costs. This financing "nameless, faceless, non-party" but "nevertheless governs us" and took control of our lives …

At the time all the political commentators asserted: Francois Hollande had managed a grand coming out on the left! The verbal attack angered the bankers, tired of being stigmatized. And they came with a program: creation of a tax on financial transactions, separation of deposit banks and investment banks, creating a special tax for financial institutions, or limiting bonuses. Ultimately, however, nothing really revolutionary. But the strong speech perfectly met the expectations of the electorate to the left.

… partner and to be struck out

So why this double standard? Francois Hollande is a campaign from the first round of presidential elections in which he must collect the left where it calls for more measures to support growth. This does not prevent him from being convinced that deficit reduction is essential. His lecture on the encryption program, far from lyrical flights of Bourget failing to have been accurate on spending cuts, was already a sign. But he also knows that the markets are still the law in fiscal policy. To put them back is to take the risk of skyrocketing interest rates on the French debt.

But some recent indicators have come to confirm it was time to make peace with investors. A report by economist Erik Nielsen of UniCredit noted in particular the fear of the markets to see the PS candidate cross the steps of the Elysee. Concerned, the prospect of renegotiating the EU Stability Pact to avoid the constitutional goal of balancing public finances. Hence the signals sent through appeasement of the international press. However not sure whether they were intended to be discussed in the hexagon. Which is not without problems.

Olivier Dartigolles for example, spokesman for the PCF, the "kneeling" before the City of Holland "are hard to the left". A view shared by Marie-George Buffet and Jean-Luc Melenchon, who both joked statements of the candidate face to British journalists. "You can not simultaneously be the candidate of the City and the candidate cities", summed up Wednesday Hervé Gattegno, editor of the Point.

Furthermore, this game is subtle to say the least on how to reduce deficits, could also turn against him. It is said the markets they are non-partisan. Maybe, but they are adamant on one point: the deficit reduction plans should be adjusted to the nearest euro!

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Industrial production in France fell 1.4% in December over a month. Over the full year, manufacturing grew 3.8% on average.

Industrial production in France fell 1.4% in December over the month, reversing its rebound in November (1.1%), said Friday the National Institute of Statistics and Economic Studies (INSEE). In the manufacturing industry alone, which excludes mining and construction, production also fell 1.4% after rising in November (1.4%), INSEE said. Over the full year, manufacturing grew 3.8% on average.

In the fourth quarter of the year, output fell in manufacturing (-0.5%), as well as throughout the industry (-0.8%), INSEE said. She fell in electrical, electronic, computer and machinery (-1.1%) and in "other industrial products" (-0.9%).

Output also fell in the agricultural and food industries (-0.9%). In contrast, manufacturing output has been increasing in the transport equipment (+1.6%) and refining (+4.6%). On December alone, production fell in the agricultural and food industries (-1.2%), in electrical, electronic, computer and machinery (-3.2%) among others. She has been a slight increase in refining (+0.6%).

Wall Street finished slightly higher Wednesday in anticipation of a possible breakthrough in the Greek case, the Dow is now at its highest and four-year high yesterday.

The latter won 0.04% or 5.75 points, to 12,883.95. The S & P-500, wider, took 2.91 points, or 0.22%, to 1349.96. The Nasdaq Composite Index advanced 11.78 points on his side of (0.41%) to 2,915.86.

Tuesday, the Dow finished at its highest level since May 2008, focused since late 2011 by the actions of central banks to support economic activity and by a series of macro-é U.S. ECONOMIC deemed favorable.

The three party leaders of the Greek government coalition are currently meeting to try to agree on the reforms demanded by donors in Athens in return for a second ; help me plan. 

The President of the Eurogroup, Jean-Claude Juncker, said Wednesday in a statement it had convened a meeting of finance ministers of the eurozone on Thursday in Brussels, meeting that should show up decide the outline of the new aid plan for Athens.

The leaders of the European Central Bank (ECB) remain divided on the potential contribution of the central bank to restructure Greek debt, two sources said on Wednesday the euro area.

"It will be a long and difficult process, as it has been from the beginning, but market participants want to see further," said Tim Ghriskey, Investment Officer at Solaris Asset Management , about the cautious optimism prevailing among market players. 

The Dow Jones jumped 21% since the beginning of October and again 80% of the ground lost during the down cycle covering the period 2007-early 2009. The benchmark index of Wall Street is now only 10% of its historic high reached in October 2007.

Energy stocks weighed on the coast after U.S. crude has erased its gains in the wake of the announcement of an increase in stocks of crude oil and gasoline States United, with the sector index yielding 0.55% and 0.64% ExxonMobil to 85.32 dollars.

The action Walt Disney rose 0.71% to 41.27 dollars after the media group has reported better than expected quarterly results.

The title Polo Ralph Lauren soared 9.18% to 171.49 dollars after better than expected quarterly figures of the clothing manufacturer, who also revised upwards its margin guidance. 

The action McDonald's has sold 0.85% to 100.05 dollars despite the announcement of a more-than-expected global sales of restaurants open at least a year better than expected in January.

The title Time Warner took 0.03% to 38.11 dollars after the media group released a better than expected quarterly profit, thanks to its re ; cable networks and franchises of the last episode of Harry Potter.

Of the 315 companies that, before the close of Wall Street, have published their quarterly figures, 61.0% reported better than expected results.

Between 400,000 and 1.1 million jobs would be destroyed in a few years if we removed all the relief employer contributions on low wages, a study by the Treasury. A sardine canning factory near Porto

Between 400,000 and 1.1 million jobs would be destroyed in a few years if we removed all the relief employer contributions on low wages, according to a study document issued by the Ministry of Labour. This document commits only the authors (DARES and officials to the Treasury) attempts to assess the employment effects of reduced social charges on low wages conducted since 1993.

In the first scenario (with the assumption that the tax has a high impact), it is "from 550,000 to 1,100,000 jobs would be destroyed." In a second case (where yields effects on employment would have been reduced by half), the estimate is between 400,000 and 800,000 jobs. Implementation of relief "had a clear impact on the evolution of the relative cost of labor at minimum wage." The "very substantial reduction in the relative cost of labor at the minimum wage was accompanied by a stabilization of the share of unskilled employment in total employment," the authors observe.

Over the period 1993-1997, the relief "would have to create or save between 200,000 and 400,000 jobs." A net cost per job of relief (that accounts for employee social security contributions and lower spending of welfare benefits and unemployment benefits) "between 8,000 and 28,000 euros," the study said. In 2009, the relief arrangements in employer payroll taxes on low wages represented a gross cost of € 22.2 billion for the state.

These devices are the result of "two great waves of relief", the first since 1993 to reduce labor costs in the vicinity of the minimum wage (relief "Balladur" then "Juppé"). The second from 1998, to offset the impact on labor costs of the implementation of 35 hours and then the unification of the different scales of relief ("Loi Fillon" of 2003). Studies of the 2003 law "suggests that the additional cuts over the period 2003-2005 has broadly offset the negative impact on employment of upward convergence of minimum wages from the RTT."

The study authors do not venture, however, to accurately assess the effects of devices on wages, existing studies are sometimes contradictory.

The Inter, which participated FO, denounces "firmly austerity and rigor decided and imposed by the government." The leader Bernard Thibault of the CGT in Marseille to protest against austerity.

The Inter on Friday called for a "National Day of Action interprofessional, including rallies," to protest against government austerity plans in France.

Meeting at the headquarters of the CGT in Montreuil (Seine-Saint-Denis), five unions (CGT, CFDT, FSU, UNSA and Solidarity) also issued a "joint appeal" to employees to "challenge the government, elected representatives and officials companies in the period from 1 to December 15. "

FOR, which participated for the first time in two years this Inter, said he would not sign the joint appeal, but be associated with the day on 13 December.

The population is growing annually by 80 million. Asia accounts for 4.2 billion people. The largest increase was in Africa. China in 2011 the most populous country in the world with 1.33 billion people

The world's population, now 7 billion, should exceed 10 billion by 2100 and even 15 billion if fertility rates proved somewhat higher, according to a UN report published Wednesday in London. This "State of World Population 2011" was published shortly before the ceremony to mark the passage on October 31 the threshold of the 7 billion people living on the planet. The United Nations Fund for Population Activities (UNFPA) insists on the serious challenges posed by demographic pressures to fight poverty and preserve the environment.

According to recent estimates, up from previous figures, there should be on earth 9.3 billion people by 2050 and more than 10 billion by the end of the century, says UNFPA. But "with only a slight variation in fertility, especially in the most populous countries, the figures could be higher: 10.6 billion people on earth by 2050 and more than 15 billion by 2100." The paper notes the growing population engaged in the Baby Boom after the second world war, the impact fades in the sixties.

2.5 children per woman

For prosperity, better education and access to contraception drastically reduce overall fertility, to the point that today some rich countries are facing an alarming decline in population.Thus, for the past six decades, the global average fertility declined from 6 children per woman to 2.5 today. The range is from 1.7 children on average in developed countries to 4.2 in the least developed. But the world has 80 million more each year, and the age of 25 to 43% of the population.

"Our record of population can be seen in many ways a success for humanity-people live longer, healthier lives," said Babatunde Osotimehin, Executive Director of UNFPA. "How many people can stand our ground? These are important questions, but perhaps not those that are suitable.When you look at just the numbers, we risk losing sight of opportunities to make life better for all in the future. "

The report highlights several challenges:

– Helping many young people in poor countries to create prosperity by finding them jobs, to get out of poverty.

-Environmental issues: already pressing, they are likely to intensify with the growing demand for food, energy and housing. Today, the report should be 18 months from the Earth to regenerate the natural resources used in one year. First concern is the lack of water. "The world will face a deficit of 40% between requests and available resources by 2030," the report said.

– The future of cities today, the balance between rural and urban populations' looks irreversibly "for cities, says the report, which emphasizes the need for better urban planning.

– Immigration: in rich countries to the aging population, immigrants may take jobs effectively, provided they are better integrated and protected.

The Federal Reserve is ready to take further steps to support economy "almost staggering," said Chairman Ben Bernanke Tuesday, citing the clear will of the central bank to intervene further to prevent the fall in U.S. recession.

Referring to an anemic job, depressed and confidence in Europe's financial strains, Bernanke advises members not to cut spending too quickly in the short term, even if they are to reduce the budget deficit over the long term.

"The Committee will continue to closely monitor economic developments and is ready to take further steps if necessary to support a stronger economic recovery in the context of price stability," said Bernanke before the Joint Economic Committee of Congress.

"An important objective is to avoid any budgetary decision that could hamper the ongoing economic recovery," he said.

Bernanke's comments have allowed Wall Street to reduce accumulated losses in the persistent fear of seeing Greece in default.

Bernanke also noted that financial strains of Europe constituted a risk to economic growth in the United States, to the extent that they have altered the sense of businesses and households.

A real estate industry in a slump and a credit rarefied are other elements which hinder a recovery that is more solid, Bernanke continued, leaving little hope of rapid improvement in market conditions of employment.

"The latest indicators, jobless claims and hiring plans, point to a likelihood of growth of labor market softer in times to come," he observed.

Important but not decisive

Stressing that the resurgence of inflation this year had not contaminated the economy, Bernanke agreed that price pressures would remain tenuous in the foreseeable future.

As a result, the Fed has had a free hand to a new initiative of monetary easing in September, when it announced it would sell for $ 400 billion of Treasury securities in the short term to buy long-term effects , for influencing the maturity of this segment of the yield curve.

This initiative, which, in the opinion of Bernanke, will lead to lower long rates by 0.20 percentage point, leaving some economists skeptical.The latter argue that the problem is not a lack of funds to restart lending and investment, but a lack of demand.

In fact, Bernanke admits that this initiative, according to him equivalent to reduce the fed funds rate half a point, is important but not an "enormous support to the economy."

"This should help a little job creation and growth. This is especially important now that the economy, the recovery is almost staggering. We must ensure that the recovery continues and does not fall and that the unemployment rate continues to decline, "he said.

To stem the financial crisis of 2008-2009, the Fed reduced rates to a level close to zero and its balance sheet has more than tripled to a record 2,900 billion.

German MPs approved by an overwhelming majority of the rescue plan of the euro zone. Germany is the eleventh country approves the text in Europe. German Chancellor Angela Merkel (Blegrade by August 23, 2011)

The German parliament approved Thursday by an overwhelming majority the extension of relief funds in the euro area (EFSF), reassuring the commitment of Europe's largest economy to support its partenaires.Au total of 523 deputies in the assembly which has 620 members voted "yes", said the chairman of the meeting Norbert Lammert. Germany is the eleventh country to approve the expansion of the envelope and the powers of the European emergency fund created in 2010 to assist countries in the euro area in need. This will be the largest contributor. Of 611 votes, 85 deputies voted against and three abstaining.

The outcome of the vote was not in doubt, two of the three opposition parties, the Social Democrats (SPD) and Greens, who have promised their votes. This is the detailed statement of votes, published in the afternoon, which will interest most observers in Germany and abroad. "If it appears that (the law) would not have passed the Bundestag without the help of the opposition, this would be a big setback" for Chancellor Angela Merkel, said Holger Schmieding, of Berenberg Bank. "It would come in Germany as a loser," said the analyst, for whom the setback would only fuel questions about the survival of the coalition.

It also feeds the doubts about the ability of the coalition of Merkel to take the next necessary decisions to resolve the debt crisis in Europe: vote in the coming weeks on a second aid package to Greece, and early 2012 on a permanent rescue mechanism (MES) to succeed the EFSF. Reassuring, at least temporarily, the ability of Germany to play its role as a pillar in the euro area will require at least the positive votes of the majority – conservatives (CDU / CSU) and liberal (FDP) – - exceed the number of votes cast by the opposition. In this way, Merkel would not have needed the votes of the opposition.

It would be even better if his side win an absolute majority or 311 votes "for" the assembly with 620 members.In recent weeks the government managed to silence the bulk of the resistance in its ranks, notably by developing the law on EFSF expanded to include greater involvement of parliament in use in each case the mechanism. "One or the other friend has a different conception of things," conceded during the debate the leader of the Conservative caucus (CDU / CSU) Volker Kauder, referring to the reluctance of a number of his colleagues. But the vote on Thursday will be "an important contribution to our country for the future of Europe," he promised.

The expansion of EFSF, already helped to Ireland and Portugal through loans, giving it a capacity credit to 440 billion euros. It also allows him to buy on the secondary market for the debt of the sentence, a task entrusted to date with the European Central Bank (ECB).The upper house of parliament, the Bundesrat must also endorse the law Friday in an exceptional session, a formality.

Crédit Agricole announced Wednesday a plan of action to reduce the size of its balance sheet and its financing needs in order to adapt the financial profile of the mutual bank to the financial crisis in the euro area.

In announcing such a large reduction of the wing in the Corporate and Investment Banking (CIB), Crédit Agricole followed suit at Societe Generale and BNP Paribas, the two other major French banks that have recently introduced measures similar.

"These past months have been marked for banks in a context of sustainable liquidity constrained," said Credit Agricole said in a statement.

"Access to finance long-term forces and short-term funding has decreased, especially in dollars," he further explained.

The mutual bank said it had learned the same lessons as peers in recognizing "the need to reduce leverage and size of balance sheets."

Crédit Agricole and provides a structural reduction of 50 billion euros of its debt between June 2011 and December 2012.

The bank will also reduce its annual refinancing market long-term average, to 22 billion euros in 2011 to 12 billion euros in 2012.

STRATEGIC REVIEW THE BFI

Credit Agricole will initiate a strategic review of its activities in the CIB and to phase out certain activities.

The "green bank" announced Tuesday that it intends to close its merger and acquisition in North Africa and the Middle East, with headquarters in Dubai, and repatriate them to Paris.

"Overall, a reduction plan that is not very far from that BNP and SocGen offer," said Alex Koagne, an analyst for the bank Natixis.

"We're a little surprised they did not put more emphasis on whether they will dispose of toxic assets," he added, noting that the bank did not give many details on the assets that 'it has to yield in the BFI.

Jean-Paul Chifflet, the CEO of Credit Agricole, was speaking Wednesday at a conference dedicated to investors, in a Parisian palace.

Crédit Agricole was the last day at the center of intense speculation about an imminent announcement of asset sales.

At 3:25 p.m., the Crédit Agricole reduced its losses (-0.6% to 5.157 euros) and outperforming the European sector index banks, himself fell by 1.4%.

Caisse des Depots, and Post Bank Dexia negotiate the creation of a new public to fund local government, wrote Le Figaro to be published Saturday.

The transaction would enable Dexia to reduce its balance sheet, the newspaper said in an Economy of its specifications.

Contacted by Reuters on Friday night, the spokesman for the three financial institutions declined to comment this information.