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Altran Thursday confirmed a large increase in operating margin for 2011 following growth of 7.2% of its turnover for the year, and said he was "reasonably confident" in 2012 despite ; economic uncertainties.

Sales of specialist technology consulting totaled 1,419.5 million euros last year, growing "economy" of 8.1% (on a comparable basis excluding the impact of exchange and changes in working days).

This publication dope title to the Paris Bourse, where the action is gaining 4.18% to 3.96 euros, shoulder to shoulder with Plastic Omnium top of the largest increases in the SBF 120 (+ 0.35%). 

"We are convinced and seduced by the strategy and decisions implemented by the new management group," says a note in CM-CIC Securities, the purchase value.

"Certainly, the current should not favor the rapid improvement of the fundamentals of Altran, but we believe that the work done by the new CEO of the group should begin to bear fruit in 2013, both in terms of operating performance and cash as corporate culture, "said the intermediary.

The fourth quarter alone, sales of Altran amounted to 370.6 million euros, increasing by 6% and an "economic growth" of 8, 6%. 

"Despite an uncertain macroeconomic environment, the Group is reasonably confident for 2012," he said in a statement its CEO, Philippe Salle.

Philippe Salle had told Reuters in October Altran, a deficit in 2010 would remain negative in 2011 but would profit in 2012.

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The housing market has included nine in the third quarter the prospect of a relapse into recession in the French economy with lower sales and housing starts, according to data released Tuesday by the Ministry of Housing.

More than 26,400 homes were sold in the third quarter, nearly 2,700 more than in the second quarter but 12.9% less than for the corresponding period of 2010.

Of the last four quarters, the number of sales totaled 101,300 or 10.7% less than in the previous four quarters.

A 71,600 homes at the end of the third quarter, the stock of new homes for sale is 14.4% higher than the third quarter of 2010.

The Italian Prime Minister Silvio Berlusconi confirmed Saturday that his ministers would visit in the evening at the Quirinal Palace to tender his resignation to President Giorgio Napolitano, we learn by a government press release.

"Il Cavaliere" thanked his "co-government" and sent a special thanks to the Under Secretary (Chair of the Council) Gianni Letta "during a meeting lasting 35 minutes.

Silvio Berlusconi is expected to 8:30 p.m. at the Quirinal, according to political sources.

Italy has agreed that the International Monetary Fund (IMF) monitors its progress on economic and structural reforms, said on Friday European source.

The European Commission and the IMF will each report on how Italy is meeting its objectives, particularly with regard to pension reform and labor, the source said.

"Italy has no objection to be monitored, even if the IMF is involved," she said, adding that credit line was not seen as a credible option for the country, lack of confidence markets in its plans for fiscal consolidation.

Germany's GDP should grow by just 0.8% in 2012 as planned. The first euro zone economy could contract in the same season. Germany

The growth of Gross Domestic Product (GDP) will significantly slow the German next year, have predicted Thursday the major economic research institutes of Europe's largest economy, while the country will be affected by a financial crisis that is stain of oil. GDP is expected to increase by only 0.8% in 2012 from 2.9% expected this year, well below the previous forecast of these institutions (2%) and the official government forecast (1.8 %).

In a degraded environment, the government deficit in Germany, however, should continue to melt, reaching 0.9% this year and 0.6% next year, conservation efforts and strong revenue from this years bearing fruit.But Germany, whose economy is heavily export recovered strongly after the 2009 recession, can not escape the effects of the crisis of European public finances, about to lead to a banking crisis, economists predict .

Risk of credit crunch

"Because of the difficult situation of important partners, foreign trade should no longer participate in the growth," they write. The debt crisis raging, and the discussions that accompany it, also lead to "a crisis of confidence" that would restrain domestic demand. The problems of banks, which appear more and more fragile, will lead to difficult financing conditions that will hamper investment.

These difficulties are expected to peak in the fourth quarter of this year, with a decline in GDP (-0.2%).The institutes expect positive growth in every quarter of next year, but very modest. Any assessment is pessimistic economists, Germany should avoid a recession (two consecutive quarters of GDP contraction).

And good news, the labor market should continue to do relatively well, with a further decline in unemployment, due to 6.7% next year on average. German unemployment is at its lowest for 20 years. The bi-annual forecasts of the institutes are the basis for official government estimates, which will release its forecast adjusted Thursday.

Arnaud Montebourg is the arbiter of the final duel between Martine Aubry and Francois Hollande in the Socialist primary. It requires commitment of both candidates on his favorite themes: the de-globalization, the moralization of finance and the renovation of political institutions. Decryption. Arnaud Montebourg received 17.2% of the votes in the first round of the Socialist primary, Sunday, October 9.

He is the man most courted of the week. With over 17.2% of votes in the first round of the Socialist primary, Arnaud Montebourg can tip the vote of the electorate to the left in the second round, Sunday, Oct. 16, in favor of either Francois Hollande (39, 2% of the vote) or Martine Aubry (30.7%). The deputy of Saone-et-Loire is also raising the stakes: the champion of de-globalization conditioned its support for consideration by the two contenders of his campaign themes.He waits, before deciding to know the positions of mayor of Lille and the member for Corrèze on four themes: "industrial protectionism, financial control, the Fifth Republic and the fight against corruption," Does detailed it in an interview with Liberation. The ideas of Arnaud Montebourg can they find their place in the curricula of Martine Aubry and Francois Hollande? In part, yes.

The fight against corruption

Behind the term corruption, Arnaud Montebourg is of course the dirty business of French politics – the case Karachi, suitcases and of course Ziad Takieddine Guerin splashing the PS of the Bouches-du-Rhone, but also tax havens. The deputy of Saone-et-Loire wants to dismantle tax havens. To do this, he advocates a ban on transactions originating in or destined for the territories.He wants to force French companies have subsidiaries in tax havens to be closed and will repatriate "hidden money" in these territories. It also promises to "severely punish" evasion.

If they have not been a major theme of their campaign, Francois Hollande and Martine Aubry are widely separated positions Montebourg in this area. The two finalists in the primary would also like to strengthen the fight against tax havens. The project also calls for the PS to prohibit banking secrecy within the European Union.

Financial control

Throughout his campaign, Arnaud Montebourg has been the voice of the struggle against "financial chaos". He argues for "dirigiste measures and prohibition." He wants to dismantle such rating agencies and offers in return for establishing a European public rating agency.He also advocated the establishment of an authority markets at European level and the merger of European stock exchanges to avoid unnecessary competition. Montebourg also argues for a 0.1% tax on financial transactions European … being adopted in Europe For banks, the deputy of Saone-et-Loire wants to "put under trusteeship." This would, he said, with an entry "authoritarian" state to the board of financial institutions, with a veto. The first act of the state would force them to separate their banking and retail banking.

Martine Aubry and Francois Hollande agree to force banks to split their activities. However, they are less enthusiastic about the proposal to enter without consideration to their governing body. This can be done, according to two candidates, if the State recapitalize banks.The tax on financial transactions in Europe and the creation of a European public rating agency proposals are included in the proposed PS. No word, however, on a possible merger of the exchanges.

Industrial protectionism

It's his hobby: the "de-globalization" – even if it does not use that word in the letter he sent to Martine Aubry and Francois Hollande. Arnaud Montebourg advocates the introduction of a carbon tax outside the borders of the EU imported products reflect "fair carbon cost, health and social", coupled with a carbon tax "within the Union European "encourage" companies to change their ways of producing. "The deputy of Saone-et-Loire advocates also provide France with an anti-dumping: a mechanism for unilateral ban certain products to market (non-EU) "in case of aggression by trade unfairly low prices."

On this subject, Martine Aubry and Francois Hollande are more cautious. The mayor of Lille prefers to speak of "fair trade" and "globalization safer." Specifically, it supports the creation of a tax "social and environmental planning at the entrance" of the products manufactured outside the EU. François Hollande speaks for his "new rules" of world trade, negotiated with other European partners, with "taxation" or "entry ban" of certain products, particularly from China. But according to the member of Corrèze, protectionism and autarky are not adequate responses.He believes that restoring the competitiveness of lights and the establishment of a genuine industrial policy are the best weapons against the adverse effects of globalization.

The Sixth Republic

For ten years, Arnaud Montebourg defends a change of constitution. The Sixth Republic is calling for that allocate roles between "a president who will, a government with the fullness of his powers and a Parliament with enhanced supervisory powers including the opposition." It would be a strong focus on popular initiative referendum, would end the impunity of the head of the state and would prohibit multiple directorships.

Martine Aubry and Francois Hollande do not return to their account the change of Republic but are in favor of a "modernization of political life." The mayor of Lille is to prohibit multiple directorships.She wants to introduce more proportionate in the national and local elections. Francois Hollande said that he will "put the institutions on their feet" "with a president who presides over a government that governs, a parliament that legislates." PS The project also plans to set up popular referendums.

Finally, proposals for Arnaud Montebourg are certainly more radical but not so far removed from those of Martine Aubry and Francois Hollande. "Do not overestimate the differences between Arnaud Montebourg and the other candidates. Arnaud used a more aggressive tone, but it is not necessarily become global justice. The measures that are advocated in the socialist family," concludes Olivier Ferrand, president of Terra Nova, the think tank of the PS.

Representatives of small and medium sized French companies remain alert to changes in credit conditions, they warned Tuesday after a meeting with banks Tuesday to the Ministry of Economy.

The fear of a credit crunch, a danger often referred to as the English "credit crunch" has increased in recent days against a backdrop of falling bank stocks on the stock market and worsening crisis of sovereign debt.

"We are very vigilant," he told Reuters Etienne Bernard, chairman of SOHO-SME-ETI MEDEF, the French employers' organization first.

"In early September, we find, by clear feedback from the field, as banks ask lots of questions" for entrepreneurs, including their need or not unused credit lines, he added. "This questioning creates some anxiety."

Indicators presented by the Bank of France show a healthy distribution of credit, at least until July. But more recent data are not yet available.

"An annual growth of credit to SMEs beyond 4.8% was recorded in July," the Ministry of Economy in a statement."During this period, compared with the rest of the euro area, growth in credit to all businesses in France is much more dynamic (+4.5% against +1.6%)."

At the meeting, the Secretary of State for Small Business, "Frederic Lefebvre asked the representatives of banks to the financing of small and micro businesses a top priority," the statement said.

French Banking Federation (FBF) has ensured that banks were heavily involved with businesses.

"French banks have confirmed that they were doing their outreach, especially for SOHO / SME, a priority.They are determined to continue to provide funding for the economy as they have always done, "says the FBF in a statement.

The professional craft Union (UPA) has meanwhile welcomed the government intervention "to prevent a drying up of credit in small amounts."

She said in a statement that "loans of small amounts, often less than 25,000 euros, are the fuel companies."

"Remove that access to credit would sacrifice many companies on the altar of the crisis. A suicidal act when we know that crafts and local shops are among the sectors that have best weathered the crisis of 2008 and who saved many jobs, "continues the UPA.

The small archipelago in the Atlantic Ocean would have hidden more than 1.67 billion euros of debt since 2008. This discovery increases the Portuguese public debt by 0.3 percentage points of GDP. View of Madeira Island off the coast of Portugal

Portuguese statistical authorities announced Friday they had discovered undeclared debts of the Autonomous Region of Madeira that increase the government deficit in Portugal to 1.11 billion euros from 2008 to 2010, and that of the 568 million année.Selon a Joint Statement of the Bank of Portugal (OTP) and the National Statistics Institute (INE), this is a "serious omission of information" detected after a report of the Court of Auditors the finances of this small archipelago in the Atlantic Ocean.

These debts represent an impact on the public debt estimated at 0.3 percentage points of GDP and involves an upward revision of the deficit in 2008 (+0.08) 2009 (0.03 points) and 2010 (+ 0.53 points), stated the Ine and OTP. According to latest official figures, the debt was late 2010 to 93% of GDP and the deficit to 9.1% of GDP. Debts for the current year had already been detected in the first quarterly assessment conducted by representatives of the European Union and International Monetary Fund as part of the aid plan of 78 billion euros granted in Portugal May

The Portuguese government had then decided to resort to extraordinary income in order to correct a skid overall budget of about EUR 2 billion and meet the deficit target to 5.9% of GDP this year."The evidence released today reveal a serious deficiency," responded the Ministry of Finance, pointing out that it is an "isolated case" and noting that the regional government of Madeira has already asked the Lisbon helps to develop its own financial recovery program.

Financial markets of the Old World still hesitant on Tuesday morning. They fall one after the other, after all, however, opened up. European stock markets lost between 2.44 and 0.21%, to 10.15.

European stock markets remain extremely volatile on Tuesday morning. After starting up, they dive back one after the other. Paris gives 2.44% to 10.15, Frankfurt 0.21% 0.30% Milan, London and Madrid 0.71% 0.35%. While few minutes after the opening, Frankfurt gained 1.6%, London and Paris 0.78% 0.66% and 2% took Milan and Madrid 1.24%.

The announcement of a possible intervention of China on the European debt market appeared to calm the fears of some investors. Italy is in fact in talks with Chinese sovereign wealth fund CIC about the buyback, according to press reports.

But the Greek case and fears about U.S. growth continues to angst investors and banks to shake the very battered in recent sessions, due to their exposure to sovereign debt. The idea of ​​a default Helvetic returned in force in the financial markets. It has even been suggested directly by the German Minister of Economy Philipp Rösler, in an interview with Die Welt newspaper.

"Avoid default uncontrolled"

Tuesday, German Chancellor Angela Merkel, however, felt the need to "avoid any uncontrolled process in the euro area", referring to a bankruptcy of Greece as it is discussed with emphasis in Germany these days."The first priority is to avoid a default unchecked, because it would affect not only Greece, and because the risk that affects us all, or at least many other countries, is very high," Detailed Chancellor in a radio interview Inforadio.

The NYSE has to when she rebounded late in the session Monday. The Dow Jones finally won 0.63% and the Nasdaq 1.10%. In Asia, Tokyo ended Tuesday's session up 0.95% due to bargain hunting, after the Nikkei closing at its lowest for two and a half years yesterday. Monday, major European stock markets had yielded between 1.60 and 4%, and recorded two consecutive sessions of decline.

Obama says he wants to put 447 billion dollars on the table for the fight against unemployment. Will he able to implement its plan? The proposed measures can they walk? Uncertainties abound. Barack Obama October 31, 2010.

Unemployment remains stuck above 9% in popularity to the lowest since his election … For Barack Obama, the fight for employment is the decisive battle of the last years of his term. He then presented a plan Thursday, the American Jobs Act, which promises to spend 447 billion dollars, 300 billion euros, to create and maintain jobs. And despite a budget deficit and a debt of a magnitude abysmal. Is a financial effort of the same level as the Stimulus Plan of 2009.It was 787 billion over two years while the effects of the new plan should focus on 2012.

Mark Zandi, chief economist at Moody's Analytics, quoted by Bloomberg as he believes could have a greater macroeconomic impact. Additional growth is estimated to be 2 percentage points and a one-point drop in the unemployment rate … provided it is fully implemented. For the first unknown of this plan is whether it will be voted on by the Republicans who have displayed more hostility. Aware of the political balance of power, Barack Obama has also favored measures likely to receive support, as this is tax cuts.He also insisted that Republicans had proposed similar measures.

Priority to the reduction of social charges

Obama can talk about his plan as a shock, its revenues have nothing very original. More than half of the plan – $ 240 billion – be used to offset reductions in payroll taxes owed to Social Security.

Employees could then see their 2012 employee contribution rates to 3.1% instead of the already improved rate of 4.2% they receive until the end of the year. Knowing that the standard rate of 6.2%. The objective here is to stimulate activity through consumption by giving purchasing power to them.The problem is that Americans are heavily indebted and some economists fear that some of this money ($ 175 billion, averaging $ 1,500 per family) rather don not in bank vaults in stores .

Companies are not forgotten. Obama breaks new ground even in the matter by proposing to cut the same way the employer contribution rate by half to 3.1%. A reduction that would apply within the first 5 million in payroll to benefit small first. All for a $ 65 billion.

Last "gift", also for companies: a total exemption from social security in case of creation of positions or salary increases. And within the limits of an increase of $ 50 million in payroll.So this is a direct incentive to job creation or wage increases (5 billion).

In total, the White House believes that such measures could create 50,000 jobs per month. Or 600,000 over the year 2012. That compares with the average loss of 35,000 jobs per month in the last quarter. But the New York Times also points out that companies must be able to offer more than 100,000 jobs each month just to cope with population growth

New aid to the unemployed

Here the opposition of Republican likely to be greatest. The White House wants to implement because it boasts as "the most innovative reform of unemployment insurance for 40 years."It aims to maintain the payment of allowances for part-time employees, trainees or unemployed entrepreneurs and set up a special tax credit for hiring long-term unemployed. Added to a fund to finance initiatives for the return to work in the direction of the unskilled and disadvantaged.

$ 140 billion of public investment

These measures Keynesian will involve upgrading transport infrastructure to the tune of $ 50 billion, and the creation of a National Infrastructure Bank. Obama hopes to win in each case the support of elected Republicans who have requested by a line of railway, is a bridge …A strong emphasis on education with the project to upgrade at least 35,000 public schools (30 billion) and freeze up to 280,000 job cuts for teachers, police and fire (at a cost of 35 billion). Not sure that this component easily passes the Cape of Congress.

Finally, two obstacles remain to the effectiveness of the plan of Obama. The funding, first. The U.S. president said he would be fully resolved in the process of reducing the long-term debt of some 1.5 trillion dollars. Task that was entrusted to a bipartisan committee that must report its findings in November. Barack Obama has promised to unveil his own proposals September 19, in the matter.

Then, the American Jobs Act, even if passed in its entirety, is not the absolute anti-crisis weapon. Its effectiveness will depend upon the strength of the economy.Thus the decline of social enterprises, a key measure, may well be theoretically effective, it is not enough to convince an employer to hire if the demand is not there. But the latest indicators in this regard are contradictory. For if consumer spending rebounded in July, trust her, fell in August to its lowest level since November 2008.