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Standard & Poor's expects a mild recession in the euro area in the first half of 2012 and Thursday lowered growth forecasts for several countries.

In a report entitled "European Economic Perspective: The Return of the recession," the rating agency forecasts growth of 0.4% for the euro area next year, following 1.5% expected this year.It has revised its forecast to 0.5% growth for France in 2012 (against 0.8% previously), 0.6% for Germany (against 1%) and 0.1% for Italy (against 0.2%).

In 2013, growth would accelerate to 1.2% for the euro area to 1.3% for France, 1.5% for Germany, 0.5% for Italy and 1.0% for Spain (after + 0.3% expected in 2012).

"We now expect a mild recession in the first half of 2012 in the euro area, before a modest rebound in the second half of the year," wrote the chief economist at S & P for Europe, Jean-Michel Six.

"The impending recession threatening Europe was first found fertile ground in Spain, Portugal and Greece, but economic problems are spreading now in the heart of the euro area, France and Spain," says it.

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The Financial Markets Authority (AMF) French said Wednesday it has sanctioned two investment management companies, ADRs and Alternative Leaders France France, for failures of control and monitoring related to massive fraud orchestrated by Bernard Madoff until 2008 .

The fines amounted to 300,000 euros and 150,000 euros EIM France for Alternative Leaders France (ALF), the AMF said in a statement.

The exhibition of these two companies to the Madoff fraud was at the time of the revelation of it, from 63.5 million to three million ADRs and for ALF, said the AMF.

The rise in house prices in the capital could be interrupted, the professionals are predicting. The price per square meter reached 8,350 euros on average in the capital. http://www.flickr.com/photos/gcattiaux/

Rising prices of old apartments in Paris will soon be interrupted after a new record in 8350 euros per square meter on average this summer, due to a decrease in transactions caused by the new tax on most real estate gains. "The decline in the number of transactions due to the number of goods withdrawn from sale by investors, who fear they do not give in quickly to be affected by this tax, and the fact that sellers do not want lower their prices, "said Bernard Cadeau, president of the branch network Orpi.

From June to August, 44,300 existing homes were sold in Ile-de-France, down 2% over the same period in 2010 and 7% compared to the boom in housing markets (1999-2007) indicates the monthly note on real estate markets released Tuesday by the notaries in Paris and Ile. The decline in sales, which has increased this fall as real estate agents, is much brighter in Paris where it reaches 5% for 8500 apartments sold between June and August.

"Almost all transactions for the studios and 2 rooms and the property over € 1 million," laments Ricour Gilles de Bourges, president of the National Federation of Real Estate (Fnaim) to Paris and Ile-de-France.For Philippe Buyens, Network Director Guy Hiccups, "is a rather classical vendors more easily take into account higher prices than lower prices ahead." Indeed, almost immediate consequence of the decrease of transactions: the latest projections of prices calculated on the promises of sales, "confirms that rising prices will soon be interrupted" in the capital, say the lawyers.

Record at 8350 euros per square meter

In intro-muros Paris, prices rose only 0.8% for the period June-August compared to the period from May to July, instead of a monthly increase of 1.5% over the same period in 2010. The deceleration is also clear from the peak reached in March 2011 when prices had risen by 2.5% in a month.

But this does not prevent prices from reaching Paris this summer a new high of 8,350 euros per square meter on average, 835,000 euros to 100 m2. The price hike is still very strong in the capital with an annual increase that reaches even 21.3% at end-August. But began to fade in comparison to previous months (23% annual growth in June). "Vendors want to sell their goods too expensive and look at china dogs with buyers until at least mid-November is the deadline to sign the final act before February 1 in order to escape taxation for investors and holders of a second home, "said Laurent Vimont, president of Century 21 network.

The record reached in central Paris displace more three categories: first-time buyers, the middle classes and tenants."We noted in our offices down 17 points in the percentage of buyers for the first-time buyers and middle classes," notes Mr. Vimont. For Mr. Ricour Bourgies of "investors rush to sell studios and 2 rooms yield to the households become homeowners, which reduces the number of units for tenants, another perverse system taxation of capital gains "

Unions in the public and private rally for two days. They want to roll back the government on the review of new austerity measures in Parliament. Thousands of "outrage" expressed Sunday, June 19 against austerity on Syntagma Square in Athens.

Greece was paralyzed Wednesday by a new general strike in two days the call of public service unions and the private sector who hope to reduce the government faces a new set of austerity before Parliament. The fifth general strike since the beginning of the year – the second 48 hours since late June – comes as the country is already disturbed by categorical stops working like scavengers against which the government plans to use the army.

Few professional groups have not called to stop work, from government officials, tax officials, doctors and teachers to the sailors, taxi drivers, traders and managers of gas stations. Even the bakers should join the movement. Public transport idling Wednesday morning. Bus drivers stayed at home but the metro was operating from 6am this morning. Air traffic controllers have decided to stop working 12 hours.

The two main unions in the country, the private sector GSEE and ADEDY for the public, have called for demonstrations in the capital Athens at midday.This show of force aimed at reducing the government, which decided to further austerity measures to meet the demands of creditors of the country, which make it a condition to payment of a new tranche of aid necessary to prevent Greece bankruptcy altogether.

Countries of the European Union could agree Sunday on a new debt reduction Greek more important than that which was decided on July 21 in agreement with the banks, hoping to stem the debt crisis in the euro area that threatens Italy and Spain. In addition to lay-off of 30,000 public sector employees by the end of 2011 and a single wage grid for the officials, the bill under discussion in Parliament provides for a freeze on collective agreements, paving the way for cuts wages in enterprises in the private sector.

"This means that our employers will be able to impose any salary, though we can not oppose it. It is a serious challenge to the rights of employees", judged Tuesday night Irene, an architect of a thirty year will be on the street Wednesday.

The budget deficit in Greece reached 10.6% of GDP in 2010, not 10.5% as previously calculated, announced Monday the national office of statistics.

"According to preliminary data, the public deficit in 2010 is estimated at 24.1 billion euros (10.6% of GDP)", the office announced in a statement.

The volume of public debt in 2010 was also revised upward to 144.9% of GDP, against 142.8% in the previous estimate.

The Summit of Heads of State and Government of the European Union initially planned Oct. 17 will be postponed to October 23, time to have new findings on the situation of Greece and the recapitalization of banks, said Monday the president European Council Herman Van Rompuy.

This report is also expected to have new conclusions on strengthening the European Financial Stability Fund (EFSF), he added.

"This schedule will allow us to finalize a comprehensive strategy on the crisis of sovereign debt in the euro area covering a number of issues related to it," he said.

Finance ministers of the euro area (Eurogroup) and the European Union (Ecofin) will meet before October 23, he said.

A source explained that the delay was due in part to the fact that the report of the EU and the International Monetary Fund (IMF) on the progress of the sanitation program of Greek public finances is not yet available.

"The leaders want to be able to act on the basis of the results of the report of the troika, which was not ready in time for the original date," said one EU source."We believe that the postponement is due to a request from Paris than in Berlin."

Greece said on Monday it had completed its meetings with the inspectors of the European Union, the International Monetary Fund and the European Central Bank for the release of a tranche of assistance Athens needs to avoid bankruptcy by a month.

Another source said that EU officials in charge of organizing the meetings had begun to make contact with the Member States to set a new date.

"They go around to all delegations to see if anyone is able to postpone the summit," she said.

French President Nicolas Sarkozy and German Chancellor Angela Merkel announced Sunday they will present by the end of a response "lasting and comprehensive peace" to the crisis in the euro area, which should go through a recapitalization of banks in Europe.

Thales plans to sell part of its services activities and the name of GFI Informatique circulating as potential buyer, said on Tuesday a union source, confirming a report in Les Echos.

The electronics and defense could be separated from his division "Business Solutions" specializing in large scale integration projects from hospitals in Paris.

"There is a project on 'Business Solutions' management said they were approached for this activity," the source said union Thales.

The name of GFI Informatique has advanced the hypothesis of interest Logica, cited by Les Echos, being more of a "rumor," she said.

A spokesman for Thales declined to comment, as did a spokeswoman for Logica.GFI Informatique, person was not immediately available for comment on the report.

The action Thales wins 3.09% to 24.835 euros to 3:50 p.m., in a market up strongly, gaining 4.7% the SBF120.

The IT services division of Thales, who directed last year 81 million euros in sales and employs approximately 500 people, is part of Thales Services most exposed to competition and further from the heart business of Thales, said a close case cited by Les Echos.

The newspaper said two others, those of outsourcing and agencies in the regions, between them representing more than 300 million in revenue and 3,000 people, could also be offered for sale.

Of such sale will take place when discussions continue between Thales and Safran on a possible asset swap in the defense, which would require the payment of a cash payment by Thales.

Activities that may be made by Safran are indeed valued at 650 million euros in turnover, while those of Thales would represent, according to press reports, that 200 to 300 million turnover.

A year after a break, Safran and Thales had announced in May, have resumed talks on an exchange of assets in the defense, under pressure from the state, their common shareholder that seeks to reduce duplication in a rapidly budget reduction.

Hermes has released the results Wednesday rose sharply in the first half and said that the financial crisis had not affected the attendance of its stores at this time.

The saddle on the Rue du Faubourg Saint-Honore, in which LVMH acquired a 21.4%, further confirmed its growth targets for all of 2011, statements in July, the group for an increase in its Sales at constant exchange rates between 12% and 14%.

Hermes also confirms that its annual operating profit "should be close to the historic high reached in 2010."The margin reached a record 27.8% last year, driven by growth also historical (+19% at constant exchange rates).

"We have not seen a drop in attendance in our stores, not even in Japan," said Patrick Thomas, CEO of Hermes, at a conference for the presentation of interim results.

"That does not mean there will not be," he added, however.

"In July and August, growth is not quite in the first half for reasons mainly the presence of products in shops," he also said Patrick Thomas, referring to the very low stocks in the group.

"The trend is still very good but it is lower than the first half (…), It is not at all a problem of declining attendance in the stores. "

"It is our policy to be as moderate as possible in price increases for next year (…), even if we find a strong increase of certain raw materials," also said the manager of Hermes.

THE DECISION 15/09 ON APPEAL OF THE ADAM

The manufacturer of Kelly bags or silk scarves saw operating profit rise by 37.3% to 418.1 million euros, increasing by 3.7 margin points to 28.3% against 32% a year earlier.

Net income rose 49.5% to 290.5 million euros against 271 million expected by analysts according to Thomson Reuters consensus I / B / E / S.

Patrick Thomas said the floating of the group was now "much reduced" and reiterated that Hermes had to purchase its own shares since early June to cover the programs for free shares to its employees.

He emphasized that such purchases had ceased since the course has exceeded 250 euros, the maximum purchase price authorized by its shareholders, suggesting that LVMH could in turn have continued to increase its stake.

Between early June and late August, Hermes acquired for 242 million euros of its own shares.

The Association for the Defence of Minority Shareholders (Adam) is also seeking to block the creation of a holding company by Hermès family control to counter a possible takeover bid by LVMH.

Hermes was granted a derogation from the Financial Markets Authority (AMF) to the obligation to redeem all the minority in the context of the creation of its holding.

Patrick Thomas was of a "serenity" vis-à-vis the decision of the Court of Appeal of Paris on an appeal of Adam against the exemption, expected Sept. 15.

In exchange, where it operates more at the mercy of speculation than on the performance of a group whose float is now below 7%, as Hermes was down 0.75% to 262.95 euros at 11:35, showing a up close to 68% since the beginning of the year for a market capitalization of around 27 billion.

The price of oil ended up on an increase of over 2% Monday in New York, a macro-economic indicator with better than expected U.S. reassured investors on the economic health of the United States.

On the Nymex, the contract on October U.S. crude (WTI) finished with a gain of $ 1.90, or 2.23% to 87.27 dollars a barrel.Meanwhile, Brent advanced to 0.44%, or $ 0.49, to 111.85 dollars.

Consumer spending of U.S. households rose 0.8% in July while economists surveyed expected an average spending growth of 0.5%.

Black gold has also benefited from the good performance of major stock exchanges worldwide, because of Hurricane Irene has done less damage than expected in the United States and the decline of the dollar.

Oil prices fell Thursday in the face of questions about the evolution of global demand after the publication of a series of grim statistics for the U.S. economy.

On the Nymex, the contract to September U.S. crude (WTI) ended on a loss of $ 5.20, or 5.94% to 82.38 dollars a barrel. This is the biggest drop in one day since Aug. 8, when the sovereign rating of the United States was lowered.

The price of crude was also sealed by the strong dollar.

Brent was on his side closed down 3.26% or 3.61 dollars to 106.99 dollars. It is also the largest decline in prices since August 8.