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 British public sector employees are on strike on Wednesday against pension reforms, a move that will disrupt schools, airports, hospitals and municipal services, including trade unions and expect that it will be the "most important in a generation." More than a thousand events are planned across the country and the organizers hope that two million people observe this work stoppage, more so than during the previous day's strike in June for the same reason.

The government wants to delay the age of retirement in the public sector to 66 years in 2020 – against 60 for the most current, and increase contributions, as part of its austerity plan. Negotiations taking place for several months are currently at an impasse, the government citing the increase in life expectancy and the need to restore a balance with the private sector. In an attempt to limit the nuisance caused to users – a particularly sensitive subject in the UK – the Conservative Prime Minister David Cameron has asked companies to accommodate employees with exceptional children.

However, U.S. consumers flocked to the doors of department stores, which opened earlier this Black Friday, traditionally the day that launches shopping season in the United States.

The markets were closed yesterday for Thanksgiving. The "Black Friday" is traditionally one of the least active day on Wall Street.

The S & P distribution, up much of the session ends with a loss of 0.84%.Wal-Mart has taken all the same 0.44% to 56.89 dollars.

The Dow Jones lost 25.77 points (0.23%) to 11,231.78 points. The S & P-500 loose 3.12 points (0.27%) to 1158.67 points. The Nasdaq Composite yield 18.57 points (0.75%) to 2441.51 points.

On the whole week, the Dow lost 4.8%, the S & P 4.7% and the Nasdaq 5.1%. This is the largest weekly loss in the S & P in two months.

"It's hard to say we had a session today, since there was virtually no one," said Kevin Kruzenski (KeyBanc Capital Markets).

"The market is oversold and some based on the hope the holiday season, but the general sentiment remains weak.

"The bond purchase program dismantles market discipline without establishing a discipline policy in place," write the "Wise Men" German in a report released Wednesday.

Blurring the fiscal and monetary policies, "the ECB endangers its credibility because it may be suspected to monetize sovereign debt," they write.It previously projected 1.8% and 3% respectively.

Economic advisers plan for next year export growth of 3.2% and unemployment down to 6.9% against 7.1% in 2011.

This could derail the hostile bid launched by Cameco Corp. of Hathor.

The Board of Hathor has recommended that shareholders accept the offer of Rio Tinto, which amounts to 4.15 Canadian dollars per share. Cameco is only that of 3.75 Canadian dollars per share.

The aim of the maneuver is the exploration project "Roughrider", located in the Athabasca region of the Canadian province of Saskatchewan.

The listing title Hathor was suspended Wednesday morning at the Toronto Stock Exchange.The title Cameco, the first Canadian producer of uranium, was down 3.21% to 20.80 Canadian dollars to 3:20 p.m. GMT, while the action listed Rio Tinto in London declined by 1.09% within minutes of the fence.

Richard Sulik, 43, head of the unicameral Parliament of Slovakia and Freedom and Solidarity Party ("SAS"), is an ultra-liberal economist torpedo approval Bratislava strengthening the European Relief Fund (EFSF). According to the founder of the party in 2009 SaS, the EFSF is "a road to socialism."

In 2010, the party enters with great fanfare the Government, through its platform advocating fiscal consolidation, privatization, the legalization of same-sex couples and the decriminalization of marijuana. At the initiative of the man with glasses, bald and of medium size, a referendum is held three months after the election, focusing on the immunity of deputies, the privileges of politicians and use by these luxury cars.

But future historians may recall in particular the month of October 2011, when Richard Sulik has torpedoed the European security, to help indebted countries in the euro area. "We are witnessing an attempt to resolve the debt crisis with even more debt.It's as if someone was trying to extinguish a fire with a fan, "he recently told AFP.

The Slovaks are too poor to pay for the mistakes of others, he repeats often. The future "executioner" of the European bailout fund was born January 12, 1968 in Bratislava, in a family that emigrated twelve years later in West Germany at the time. Passion for economics and physics, he completed his university studies in Munich. In 1991, two years after the "Velvet Revolution" anti-communism in the former Czechoslovakia split amicably in the Czech Republic and Slovakia in 1993, he returned to his homeland to go into business.

For ten years he led his company FaxCOPY.In 2003 he graduated from the Economic University in Bratislava, before appearing shortly after one of the authors of a radical tax reform introducing a flat tax (flat tax) of 19%. In 2005-06, he was advisor to the Minister of Labour and Social Affairs, a Christian Democrat named Iveta Radicova, future Prime Minister. In 2006-07, he served as advisor to the then finance minister, Jan POČIATEK.

Unconditional cigars, Richard Sulik is often pilloried for his little formal clothing. Even as head of Parliament, it is often the tie. Richard Sulik, who speaks German and English, is divorced. He is the father of four children with his former wife and her current companion.

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.

At 9:15, the CAC 40 was down 2.92% at 2894.91 points, starting the last quarter backwards, after falling 25% in the third quarter, its largest quarterly decline since 2002.

Other major European markets, London lost 2.53%, 3.5% and Frankfurt Milan 2.4%. Of the European indices, the EuroStoxx 50 and yields 2.7% Eurofirst 300 lost 2.3%.

The European banking stocks index drops 3.5% and 4.5% the car.

The crisis of sovereign debt continues to weigh on European shares and heckle banking stocks, particularly the French – the most exposed to Italy and Greece, two countries that capture these days the attention of market.

The CAC 40 index lost 1.62% to 2935.82 points, after rising 1.5% Tuesday in closing.

London has yielded 1.4%, 2.47% Frankfurt, Milan 1.65%.The index Pan-European Euro Stoxx 50 lost 1.96%.

European banks, including the French, have been buffeted in the red and the green at the mercy of rumors, including whether or not to recapitalize, and news about the crisis in the area.

The Stoxx European banks index ended down 1.6%.

In Paris, BNP Paribas has finally dropped 1.85% after gaining over 2% in the afternoon.Societe Generale, having also made the yoyo, ended in the red (-1.28%) as well as Credit Agricole (-2.38%).

Many professionals emphasize the link of "inbreeding" among European banks and the debt of the euro area and say that as governments will not put out a general settlement plan, financial stocks continue to suffer.

"So things are moving in all directions according to rumors," said a vendor noting the "fragility" of the market.

In this context of flight to quality, Germany awarded for the first time in its history of Bund 10 years at an average rate below 2%.

The performance of the Bund, part of the euro area, the market remained unchanged at 1.77% and that of the French OAT maturing as well, to 2.62%.

The euro gained ground and was trading late in the day around 1.3723 against the dollar around 1.3675 this morning.

In Paris, Alcatel-Lucent (0.85%) was the only value of the CAC 40 to finish in the green while cyclical as PSA (-5.70%) and Vallourec (-4.61%) suffered the largest declines in the index.

In early trade, the Dow was stable (0.04%) to 11,406 points.The Standard & Poor's also (-0.01%) to 1204 points while the Nasdaq composite fell by 0.1% to 2610 points.

The Federal Reserve, which meets Tuesday and Wednesday, is expected to announce steps to further lower the long-term rates by changing its own bond portfolio.

Wall Street has little else to move, in the absence of outside major indicator of housing starts, or major corporate earnings.

The housing starts fell more than expected in August, falling 5% to a seasonally adjusted pace of 571,000 units, according to the Commerce Department (consensus: 590,000 units).

Markets on both sides of the Atlantic do not seem overly unsettled by the decline of Italy by rating agency Standard & Poor's, a decision yet unexpectedly revives the specter of a contagion of debt crisis in the eurozone.

Values, Xilinx lost 2.38% at the opening. The programmable chip maker cut its revenue forecast for the second quarter due to the sluggishness of some of its markets.