70 billion euros, the amount of foreign trade deficit for the French government plans to announce Tuesday. An absolute record much higher than the previous record set in 2008.

Secretary of State for Foreign Trade, Pierre Lellouche had, in mid-January, revised down from the estimated 5 billion annual deficit, previously estimated at 75 billion. "It's huge, it's still too much, of course," he had complained at the time. "We pay several years for the erosion of our industrial base, the real issue is to reboost the French offer," Pierre Lellouche was analyzed.  

The cumulative deficit of 12 months completed end of November totaled 70.450 billion euros, very marked deterioration compared to the year 2010 (51.455 billion), according to latest figures released by Customs. The projected number of 2011 is also a significant increase on the previous record of 2008: 56.2 billion. The balance of trade in goods between France and the world was again negative starting in 2003. But, in addition to structural reasons regularly cited by the Minister and industry-related and lack of medium-sized companies, competitiveness in cost, capacity to innovate enough, economists emphasize the role of energy bill.

It helped itself to some 60 billion deficit last year, said Christophe Blot, of the French Observatory of Economic Conditions (OFCE). "It is clear that energy has had a very negative impact", with a 39% increase in annual average oil prices, said Alberto Balboni for his part, the analyst firm Xerfi. Note also the slowdown in trading partner of France, he notes. However, after excluding these two factors of energy and economic crisis, there is on "long-term non-energy deficit that is growing since the early 2000s," he says.

Small increase in French exports

There is a "structural trend of the industry side to record deficits, which is associated with deindustrialization," added Balboni. The year 2011 is a case, all sectors of industry have led to a widening deficit, "says he. Areas already in deficit, including automotive and textile industries, have increased their negative balance and others "who are a little florets of French foreign trade as the aerospace industry but also the pharmaceutical industry saw their surpluses shrink ".

Hence the debate of the current presidential campaign in France on the lack of medium-sized companies (250 to 5000 employees) capable of launching export, innovation and competitiveness, both in its component price and non-price component, say the economists. Elements of "hard to quantify" but based primarily "on the question of whether there are resources that could find through the trade to improve our performance in terms of growth," explains Christophe Blot.

It is observed that French exports in 2011 grew less than those of Germany, but also that exports from Italy, Spain, UK and U.S.. The global market share captured by France and has deteriorated significantly since 1990 from 6.2% to 3.6%. For 2012, it is possible to expect an improvement on the side of oil prices that are on the downside, the average Brent price from 123 dollars a barrel in April to 108 in December. But the trend depreciation of the euro could partly neutralize this effect.

The U.S. operator and Deutsche Telekom, parent company of T-Mobile, ensured continued efforts to obtain the green light by U.S. antitrust authorities to repurchase $ 39 billion, which could threaten thousands of jobs but they withdrew the case filed with the Federal Communications Commission (FCC), the regulator of the sector in the United States.

"This formal approach is taken today by the two companies to consolidate their forces and focus their efforts to obtain antitrust approval from the Department of Justice", said the companies.

"AT & T and Deutsche Telekom keep the goal in the sale of AT & T, Deutsche Telekom's mobile operations in the United States," said the statement, published on Thanksgiving Day, a holiday in the United States.

The Department of Justice (DOJ) and the FCC opposing the operation, which could only be reduced to three the number of national mobile operators.

A green light from the FCC would be useless without the DOJ.

The CSF must publish a list of 29 banks that need to raise capital and be subject to more stringent rules because of the risk they pose to the entire financial system because of their size and complexity.

The automaker said that 2,500 jobs would be lost in the structure functions, while the enrollment decline in production is estimated at 1,000 positions.

In addition 2,500 jobs will be cut in 2012 from the external service providers, for a total of 6,000 posts in less next year.

"These measures (the structures of the group) is to simplify the structures of the group or an adjustment of the load of projects, particularly in trade, marketing, information technology and research and development," said PSA a statement issued after a special meeting of the European group committee.

The group did not specify the impact of these decisions on its workforce in France.

The manufacturer issued Wednesday its second warning in three months on its 2011 results due to degradation of the European car market and supply problems he encountered in the fall.

Former director of cabinet of Nicolas Sarkozy during his visit to the Department of Budget from 1993 to 1995, Pierre Mariani, however, has worked hard over the last three years by taking the uniform fire to extinguish the fire and Dexia lead a restructuring forced march.

"Mariani is a very fast," said a banker close to Dexia in Paris on condition of anonymity.

"Professionally he is a fairly effective and very familiar with his subjects," recalls a former associate who declined to be named. "Humanly by cons is not always obvious. It is hard enough with his team."

Yet some wonder now if not just too late to restructure Dexia staying too long in a position of crisis management, even if not necessarily liable for the current situation.

"Mr. Mariani is a fireman," said Michel de Herde and for the Budget of Schaerbeek, Brussels and a joint shareholder of Dexia."He fought hard but failed to escape the flames."

Others accuse him an authoritarian style that led to the departure of several senior bank officials, such as Stefaan Decraene, the Chairman of the Management Board of Dexia Bank Belgium, last month.

AFTER NEGOTIATIONS WITH BRUSSELS

In 2010, after months of tough negotiations with the European Commission, there is no exception, with his right arm Alexandre Joly, the weight loss abroad imposed by Brussels in return for aid received during the financial crisis .But the two men managed to save some furniture.

If Dexia undertakes to sell certain subsidiaries of the bank abroad, including Spain, Italy and Slovakia, however, the bank saves its Turkish subsidiary Denizbank considered the "nugget" of the bank.

Pierre Mariani will recognize later that the party was far from over.

Fort recovery accounts in 2009, the Group CEO opposes any subsequent split of the Franco-Belgian bank even if it is given in the wings behind rumors of merger with other banks, late as 2008 with the Postal Bank with which Dexia has an agreement for funding.

However, the debt crisis in the euro area continues to worsen.The Management Board of Dexia has no choice but to accelerate disposals last spring in its portfolio of toxic assets.

Eventually the bank will sign the second quarter of 2011 the heaviest loss in its history with a net loss of four billion euros.

But nothing works.With the crisis and tensions in the interbank market, Dexia sees its liquidity situation deteriorate, leading the bank in a bind.

RUMORS OF DEPARTURE

Pierre Mariani, who had set out to reduce the size of Dexia's balance sheet, however, had tried last year to convince markets of the ability of the bank to remain independent and living independently at the cost of a radical refocusing its activities in retail banking based on the Belgian and Turkish.

But analysts also had several occasions to question his real commitment to stay in control of Dexia.

In 2010, the press and echoed rumors that he could have replaced Claude Gueant as Secretary General of the Elysee.

The rumor also gave it as a possible successor as CEO Baudouin Prot, BNP Paribas in place of any dolphin named Jean-Laurent Bonnafé.

Born in 1957 in Rabat, Morocco, the man knows the house where he led retail banking abroad before moving Dexia.

A graduate of HEC, technocrat and inspector of finance, he joined the bank in the rue d'Antin in 1996 after starting his career in senior management.

He then played a leading role in the acquisition of the Italian BNL, the first major foreign network acquired by BNP Paribas in 2006.

But then he had to give way to Jean-Laurent Bonnafé, then head of the network in France which, after assuring the successful integration of BNL, has been promoted to chief operating officer of the group.

The major French banks have seen their market value melted in recent weeks, partly because of the fear of the effects of the continuing crisis of debt in the euro area.

"Our banks are strong," said Valerie Pécresse, who is also Minister of the Budget, on LCI."There is no problem or solvency or liquidity of French banks."

It found that the volatility of financial markets in this regard was "part of the irrational."

Baroin told France Info radio that "the banks did not need to be recapitalized – so no debate superfluous – and have no difficulty with access to liquidity," central bankers said on Friday that G7 in Marseille they will provide the necessary liquidity if necessary.

"We must be confident," said Baroin.

"What is happening in the markets cause them to speed up what is called (rules) Basel Committee, which is an appointment of additional obligations to have equity in relation to their balance sheets that are higher. They have announced they do. "

The exposure of French banks to Greece is 8 billion euros, while profits in the first half were $ 11 billion, said Minister of Finance.

Christian Noyer, Governor of the Banque de France and member of the Governing Council of the European Central Bank, said this week that French banks were able to "go through a severe crisis."He said that other banks had more than 200 billion of collateral deposited with the Banque de France and not used.

Senior officials, however, urge the European financial ministers of the continent to strengthen bank capital, preventing a "systemic crisis" sovereign debt affects banks and raises the specter of a new credit crisis.

In documents prepared by those responsible for the Ecofin meeting of September 16 and 17, that Reuters was able to consult, it is referred to a "risk of a vicious circle between sovereign debt, the financing banks and the negative growth ", which can cause a credit freeze.

The CAC 40 index closed up 0.18% to 3159.74 points."That said, it's half a surprise, in a very anxiety provoking," he adds.

Other major European markets, London closed Monday, rose 2.7%, while Frankfurt lost 0.46% and 0.23% Milan sold.EuroStoxx 50 index ended on a note stable (-0.01%).

FEAR OF A NEW CORRECTION

The market had already gone into the red by late morning after a sharper than expected deterioration in economic sentiment in the euro zone in August.

However, most stakeholders interviewed believe that the market consolidates further, in a climate of expectation after the shock downward in early August and before the employment statistics in the United States to be published Friday.

"It is a market without enthusiasm, which is still afraid of a correction, market pure waiting, with U.S. unemployment figures Friday in focus," said Frederic Rozier, manager at Meeschaert Private.

The bank ended up in a piecemeal, between the positive impact of bank mergers and EFG Greek Alpha and a letter from the International Accounting Standards Board (IASB) issuing criticism of the methods used by some institutions to add value and move impairments on the securities of government debt..

Societe Generale lost 0.2% to 22.055 euros and Credit Agricole 6.568% to 1.01 euros, while BNP Paribas gained 0.99% to 34.735 euros.

Mining stocks, however, remained well oriented throughout the session, the index increasing by 4.04%, supported by the agreement between ArcelorMittal (1.81% to 14.610 euros), Peabody Energy and Macarthur Coal on the terms of the acquisition of Australian specialist pulverized coal.

In the bond market, the auction of government bonds in Italy this morning met with a relatively low demand, despite the purchase of the European Central Bank in recent weeks, creating nervousness.

For its part, the performance of the same maturity Bunds fell to 2.15%, 2.22% against the previous day.

11:17: The Greek GDP could shrink by more than 4.5% in 2011 against 3.8% expected, announced Friday the Greek finance minister, Evangelos Venizelos.

11:08: The Paris Bourse reduced its losses to -1.81%. Bank stocks and shares most sensitive to economic conditions remain turbulent backdrop of fears of recession in the U.S. and doubts about the capabilities of bank financing.

10:47: China welcomes the "clear message" on the strength of U.S. Treasuries.Vice President Joe Biden, who is visiting Beijing to reassure his interlocutors on the economic health of the United States, sent a "clear message" on the strength of the U.S. Treasury, welcomed the Chinese premier Friday Wen Jiabao. "You have sent a clear message to the Chinese public, that the United States will keep their promises and their commitments to their sovereign debt. This will ensure the safety, liquidity and value of good Americans," said M . Wen receiving Biden.

The 10 figures to be taken on the stock market crisis

Stock market crisis: that investors may

10:31: The gold to a new historic high, at over 1,860 dollars an ounce for the first time.In the aftermath of Black Thursday, the yellow metal benefits from its status as a refuge from a new collapse of European stock exchanges.

10:19: The Hong Kong Stock Exchange closed down 3.08%

10:02: The London Stock Exchange fall by 3% and sinks below the symbolic threshold of 5,000 points in early trading, following its biggest fall for 3 years in a market still préoccuppé by fears the global economy and the debt crisis.

On the crisis across the Atlantic, read the survey: United States: the giant entangled

9:59: Banks again heckled.The banking sector, after plummeting yesterday, experiencing a very difficult early trading, BNP Paribas 3.77% drops to 32.95 euros, Societe Generale 3.33% to 20.87 euros and Credit Agricole 2.22 % to 6.09 euros.

9:49: The Paris Bourse widening its losses in early trade, financial stocks are once again very turbulent as fears of a recession in the United States and a drying up of funding for European banks remain high. Around 9:20, the CAC 40 index ceded 2.50% and back below the 3,000 points to 2,999.20 points. Bank stocks are again suffering the largest losses: to 9:30, BNP Paribas 2.37% ceded to 33.43 euros, Natixis 1.21% to 2.85 euros, Crédit Agricole 0.92 to 48%, 01 euros and Societe Generale 0.79% to 21.43 euros in a market down by 1.96%.

9:46: The same trend in other European marketplaces.The Madrid Stock Exchange opened down 1.09% at 8226.8 points on Friday. The Ibex-35 index of blue chips from the Madrid stock market plunged 4.70% to 8317.7 points. The London Stock Exchange retreated again the day after its biggest drop in three years. A few minutes after the opening, the FTSE-100 index lost 43.37 key values ​​points, or 0.85% over the closing Thursday at 5048.86 points, widening its losses soon after yielding 0 , 35% in early trade.

To understand the reasons of falling markets, also read: Banks are plunging stock markets

9:18: Asian stock markets into the red. They have also succumbed to the new wave of concerns about global growth, while gold, a safe haven, set a new record. Sydney closed down 3.51% and Seoul plunged 6.22%. Hong Kong lost 2.62% and 0.98% Shanghai shortly before closing.Oil also changes sharply lower. In trade in Asia, a barrel of "light sweet crude" lost $ 1.05 to 81.33 dollars. Gold continued to cross the records on the rise, playing its full role as a refuge. The yellow metal rose Friday morning at 1,837.50 Hong Kong dollars an ounce, after crossing the threshold on the eve of the unprecedented 1825 dollars.

9:09: The Milan Stock Exchange opened down 0.30% to only 14,926 points, after collapsing the day before closing on a decline of 6.15%. And Swiss stock exchanges fall -2.60% at 9:34 local, half an hour after it opened down slightly from 0.61%.

8:17: The Tokyo Stock Exchange closed down 2.51%, carried by the wave of international concerns about a slowdown in global economic activity and a victim of the subsequent increase in the price of yen.The Nikkei 225 index of blue chips still sold 224.52 points from its closing price on Thursday to appear at 8719.24 points, a level it had not fallen since March 15, at Following the terrible earthquake four days ago in the northeast of the archipelago.

Around 13:00, the CAC 40 index 1.48% to 3135.26 took points, after losing up to 2.3% in the morning.

"The psychological threshold of 3,000 points held in large volumes (Yesterday, Ed).A technical rebound from a few sessions to 3,234 points or 3,300 points is likely (…)", commented in a note Alexander the Drogoff, technical analyst at Aurel-BGC.

After the decision of the Financial Markets Authority (AMF) to prohibit short selling on a dozen financial stocks, Societe Generale takes 1.3% (while losing 5.5% in early trading) and BNP Paribas gained 1.23% (after losing up to 4.5% in morning).

Stoxx index of European banking wins 2.15%. It yielded 1.6% in the morning.

Other major European markets, London was up 1.33%, 1.55% Frankfurt and Milan by 1.79%.The pan-European Euro Stoxx 50 index 1.67% advance.

"The recovery is possible in Europe, but it will only be sustainable if the volatility down fast enough," warns Valerie Gastaldy However, an analyst at Day By Day graphic.

The volatility index-New Dax was down 4.6%. This leaves the level that was hers in March 2009.

In the bond market, all the 10-year rate in the euro area relax as investors seek the safety of government bonds.

The sovereign bond issued in 10 years by France rose in the morning to below 3% for the first time since November 2010.

If Schneider Electric continues its annual target organic growth of between 6 and 9% over the year, there is now an operating margin of 15% in the bottom of the range of 15 to 15.5% originally announced.

The surge in raw materials is one of the main negative factors weighing on the group.

"Their effect has never been so hard on our accounts," said Jean-Pascal Tricoire daily, adding that initially the group provided a negative impact of 250 million euros for the full year 2011.

"Ultimately, it is the impact we've had for the first half alone, and we now expect an effect close to 400 million over the year," admitted the manager who promised efforts to better understand these fluctuations.

"We will better manage the impact on some big projects and we were able to pass some of this inflation in our prices, but it will be mostly on the second half of the year," he said.

Logistical disruptions that followed the tsunami in Japan also had a negative impact.

"The stockpiling was unusual to have a financial impact of € 300 million on our cash, we reverse the second half," further stated Jean-Pascal Tricoire.

Schneider recorded organic growth of 10.2% in the first half of 2011 and operating profit came out up 14% in absolute value in the first six months of the year.

The activity "Solutions" group and the strong growth in emerging countries are the main drivers of the business group, said the leader.

Schneider published Friday in the morning its official results of the first half.

The specialist electrical equipment and automation has made several acquisitions in 2011 such as the Brazilian and Chinese Leader Steck Harvest Power Technologies and has launched a 1.4 billion euros for the Spanish Telvent.

Jean-Pascal Tricoire said want to focus in the second half of the year on the integration of acquired companies and not to aim for very large operations.

"We continue to have a very strong preference for small and medium sized acquisitions," he said.

The leader has repeatedly tried since the beginning of the year cut short the rumors of interest in the American Tyco, speculation which had lost nearly 10% in group action in a week. On the front of divestitures, are persistent rumors about a possible sale of its sensors, grouped today in the entity CST (Custom Sensors & Technology), an entity valued at around one billion dollars.