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The meeting of the Eurogroup does succeed to allay fears about the debt crisis, which saddled the Paris market? Yesterday, after long hesitation, the CAC 40 finished down 0.64% to 3103.60 points. On Tuesday, the index is expected to rise, thanks to a technical rebound, according to futures contracts for the month of December rose 0.5%.

Greece but also Italy crystallize the main concerns have increased as rumors of leaving the Prime Minister Silvio Berlusconi, immediately denied by the latter. Nevertheless, if the vote to be held tomorrow at the Chamber of Deputies on the budget is negative, the departure of Cavaliere seem inevitable.

At the same time, the finance ministers of the euro area gathered in Brussels last night stepped up their pressure on Athens and Rome to the two countries meet their commitments to reduce deficits.In the process, Wall Street ended on an optimistic note. This morning, Asian markets have proven uncertain and divided: while Tokyo closed down 1.27% to 8655.51 points, Hong Kong is the balance just before 8 am (Paris time) around 19,696 , 11 points.

In this context, oil prices were up this morning in early electronic trading. The barrel of "light sweet crude" for December delivery gained 8 cents to 95.60 dollars. Barrel of Brent North Sea crude for December delivery advanced on his side of 22 cents to 114.78 dollars.

In terms of macroeconomic indicators, the figures of foreign trade in value in September will be unveiled today at 8:45. INSEE also publish the price of oil and raw materials in October at noon.

After unanimously among the members of the Greek government, the proposed referendum on the euro in Greece opponents first meeting among the ministers of the country. While the Greek Prime Minister held talks last night with his European counterparts to define the contours of the proposed referendum, two ministers expressed their opposition this morning at the initiative of head of state.

Early this morning, the Greek Finance Minister Evangelos Venizelos was the first raised his voice in that. While the prime minister suggested yesterday that the referendum will focus on "whether the Greeks or not to stay in the euro area," Evangelos Venizelos has swept the issue with the back of the hand. In the eyes of the man who played the head of the party George Papandreou in 2007, "the place of the Greek people in the euro is a historic achievement of the people that can not be questioned.This can not depend on a referendum, "he said in a statement. The minister stressed the importance of having the new tranche of aid "without delay". In fact, under the sixth tranche will not be released until the political situation has not been clarified.

The sling number two government was quick to be followed by the Greek Minister of Development, Michalis Chryssohoïdis. It called for a European financial rescue of Greece was quickly ratified by parliament, in fact opposed to the proposed referendum on Prime Minister said on public television Net. "This release is the ratification by Parliament of the Agreement (European) Greece comes out of the impasse," said Michalis Chryssohoïdis as television.

Creditor banks in Greece will have to accept losses "substantial" in the new bailout of the country, warned Saturday that the European Ministers of Finance. Last night, the central bankers of the euro zone had "agreed to say that we had to have a substantial increase in the contribution of banks" in the form of a depreciation of their claims, said the leader of European finance ministers, Jean-Claude Juncker.

• Discount of up to 60% of the Greek debt

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Recapitalization of banks to the tune of 108 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.

"We have made some progress on the banks" and "we have laid the groundwork for an agreement" which will still be subject to "discussions between heads of state" and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter.

But according to European diplomats, "there is no agreement on the recapitalization, it gets stuck a little." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF)." On the other hand, "the ministers are trying to agree on the minimum capital."The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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The Paris Bourse, who did not know which way to turn this morning, finally chose optimism shortly before the opening of U.S. markets, and the day after a sharp drop in session. The CAC 40, which started up in shy and then fell below 3200 points in late morning, far back in the green earlier this afternoon. To 15 hours, he climbed 1.28% to 3227.37 points. The London FTSE is also up dansle green, up 1.37% to 5477.59 points. The Frankfurt Dax climbed meanwhile to 1.56%, passing over the threshold of 6000 points to 6006.86 points.

While the debt crisis still occupies all minds. Last night, Spain has been the target of the rating agencies.After Fitch, Standard and Poor's lowered turn a notch sovereign rating of Spain, to "AA-", citing the "uncertain prospects for growth" of the country and the likely further deterioration in the Spanish financial system . Banks are also in the viewfinder. While the leaders of the euro area support more vigorously a recapitalization of the sector, Fitch up seven institutions on negative watch, including French banks BNP Paribas, Credit Agricole and Societe Generale.

However, investors welcomed the good news last night: the green light given by the Slovak Parliament to strengthen the European Financial Stability Fund (EFSF). This gives air to the single European currency traded at 1.3802 dollars around 15 hours.

Debt problems in the euro zone should just stay in the heart of the Paris meeting, tonight and tomorrow until Saturday, finance ministers of the latter must include G20.Ces prepare the summit to be held in early November. France has also supported the idea of ​​making Thursday the EFSF bank. The markets have hopes of progress on the case.

Busy schedule

Operators also appreciate the battery indicator on both sides of the Atlantic side disappointment, inflation accelerated more than expected in September in the euro area, moving to 3% against 2.5% the month above, said Friday the EU statistics office Eurostat.

However the U.S., retail sales rose more than expected in September (1.1% against 0.7% expected). At the same time, import prices in the U.S. rose 0.3%.Rather reassuring statistics on the state of the U.S. economy. However, most investors expect the index of consumer sentiment for October and business inventories.

In China, inflation slowed slightly to 6.1% in September, against 6.2% in August, the government said Friday, but remains at a high level that does not bode a loosening of Chinese monetary policy.

Values ​​to follow

Banking sector

Placement on negative watch by Fitch of several institutions weighs on prices.BNP Paribas lost 3.49% to 32.18 euros, Societe Generale 2.62% to 21.04 euros and Credit Agricole 0.42% to 5.26 euros.

Veolia Environnement: 1.21% to 11.30 euros

The group has hired investment bank DC Advisory for the sale Citelum, a major global players in the lighting and electronic equipment areas, reports Les Echos.

Accor: 2.70% to 22.64 dollars

Already a leader in Asia Pacific, the group will open more than 200 by 2014, including doubling its presence in Indonesia, new land for expansion after China and India. The group also plans to sell seven hotels Suite Hotel, located mostly in Paris, for $ 77 million to a consortium of French investors.

CA Cheuvreux has decided to lower its price target from 35.5 to 29.5 euros to reflect the slowdown in the global economy but it remains to outperform.

Carrefour: 1.78% to 17.15 euros

Cheuvreux lowered its price target from 19 to 16 euros and remains under-performance.

GDF Suez: 1.58% to 23.49 euros

According to a report in Le Figaro, confirmed by a spokesman, the gas distributor has filed an appeal Thursday in the Council of State against the government's decision to freeze gas prices for individuals from 1 October.

Belvedere: 3.22% to 29.14 euros

The Court of Appeal of Nimes, which examined the validity of Thursday a new backup procedure given in July to spirits group, has reserved its decision on 1 December, according to sources familiar with the matter.

Eurazeo: 1.53% to 33.21 euros

The group announced Thursday an investment of 37 million euros in 3S Photonics, a French specialist in opto-electronic components including the Strategic Investment Fund held 18%.The operation, which includes a capital increase will allow Eurazeo to control 83% of 3S Photonics.

Stallergènes: 1.11% to 45.60 euros

The group confirmed Thursday its growth objectives and scope for this year despite the slowdown in activity growth in the third quarter.

Eutelsat: 1.16% to 29.74 euros

The group announced Thursday night that he would propose to the November 8th general meeting of shareholders to elect as president of its board of directors Jean-Martin Folz, former CEO of PSA Peugeot Citroën, succeeding Giuliano Berretta .

Netgem: -4.51% to 2.75 euros

The group reported Thursday a drop of 45% of its turnover in the first nine months of the year to 59.4 million euros and said that the forecast revenue in the second half would be comparable to the first.He added that his business continued to grow profitably, to increase cash flow.

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The market decline occurred in August and September did go up in smoke the equivalent of 216 billion euros over the market value of CAC 40 companies since January 1. During the one day of 22 September, falling 5.25% of the benchmark index of the Paris Stock Exchange has removed 40 billion euros, as much as the market capitalization of the size groups of EDF and L'Oreal!

Today, all forty major French companies weighed on the stock exchange the equivalent of 794 billion euros no fax cash advances. This figure may seem high to the uninitiated, but it is actually little more than the book value of assets of companies entering the CAC 40.The fall in prices has reached such proportions that the largest industrial groups in the rating on the stock exchange deal at the price of factories, stocks of goods or land on which are built warehouses or stores.

The IMF Christine Lagarde would it become anti-globalization? Long, the subject is taboo: that globalization does not please everyone, it tends to increase inequality in rich countries, everyone sensed. But it was a lesser evil. Cons weighed in the balance somewhat, compared to the prowess of China, India or Brazil and the hundreds of millions of people out of poverty through free trade. "Globalization" as the Anglo-Americans, was an apotheosis for the IMF. Its original mission, and still relevant, is to eliminate protectionism and the specter of the Depression of the 1930s. Light of Sirius, all was well in the brave new world.

This good report is no longer appropriate. The IMF recognizes that since the "Great Recession" of 2008-2009, more than 200 million people are unemployed worldwide. A record.And three-quarters of the 30 million unemployed appeared in the "advanced" countries. However, the phenomenon looks durable.

The World Economic Outlook, which forecasts 2011-2012 were published last week, a special chapter devoted to "labor markets in advanced economies" and their structural changes. That is to take stock of two decades of globalization flawless. "Technological change and trade are as old as civilization," warns the Fund. But this time it's different. Strange coincidence, the revolution in information technology broke out when China, India and the countries of the former Soviet empire have joined the global market, which they were previously excluded.Overnight, shortly after 1990, the global employment has almost doubled to $ 3 billion.

The new communication technologies, including container transport, helped to internationalize production lines. One of the most eloquent symbol is provided by Apple's products are designed in California and assembled in China by Foxconn. Apple includes only about fifty thousand employees, researchers and managers, while the second largest global market capitalization, after Exxon. Less glamorous, Foxconn is working a million people.

25% of the United States would be "relocated"

These are the United States as a whole that work on this model, specializing in highly paid office jobs and relocating industrial production. The international division of labor has been entirely satisfactory in the first place."Until a decade ago, the effects of globalization on the distribution of wealth and jobs were safe," according to Professor Michael Spence, the IMF quotes extensively from the work instant credit report. The Nobel Prize in Economics notes that from 1990 to 2008, the U.S. managed to create 27 million jobs, keeping unemployment low. But 98% of these positions were offered by the sector working exclusively for the U.S. domestic market, including 10 million from government agencies and health. In contrast, industries whose products are exportable, "tradable", as the term of Michael Spence, did not increase their employment, except in highly skilled occupations. The biggest loser is the middle class, who was employed by the industry.According to Professor Alan Blinder, former number two of the Fed, 25% of all jobs in the United States would be "relocated".

This reconfiguration of the labor market was not prejudicial as the United States grew at a rate of 2.5% per annum. It became unbearable to the crisis, while the construction, public agencies and service companies hire less and less, even at low wages. The IMF notes that all the old industrialized countries are housed in the same boat. For his part, Michael Spence said the exception of Germany, "which has clearly failed to protect his employment in export industries when they were threatened." He noted also that the de-industrialization resulting in collective impoverishment.According to his calculations, the value added per employee increased from 72,000 to 80,000 dollars between 1990 and 2008 across the Atlantic in non-exporters, while it jumped from 79,000 to 120,000 dollars in industries working for the world market.

Globalization is certainly not a zero sum game in which emerging economies prosper at the expense of old nations. But within each country, certain social groups benefit while others suffer. IMF sees not only a factor of inequality, but also a drag on overall growth: by venting industries, which have much higher potential productivity service activities, the United States and Europe condemned to decline. Not wishing to embark on a highly political terrain, the IMF experts take shelter behind the recommendations of Professor Spence.They are twofold: win back lost industrial jobs by the middle class while practicing a specific social redistribution in favor of the victims of globalization clearly identified.

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Until September 30, nothing is lost! There is still time to reduce the amount of the check to the Treasury for the ISF. To do this, most taxpayers will simply altruistic donation to an association of public utility, a research institution or higher education or artistic (non-profit and community service), or to a foundation academic example. They will benefit from an ISF reduction equal to 75% of the amount of their generosity (the gift is included in the limit of 45,000 euros). Their main concern in the coming days is to choose the institution they most want to help.

Other taxpayers prefer to invest in developing their heritage. To alleviate the ISF, they will be willing to take risks. For their salvation will come from SMEs.Taking an investment in an unlisted (eg during a capital increase), they are entitled to a tax reduction equal to 50% of their bets, capped at 45,000 euros. "For the first time this year, this tax benefit is granted subject to maintain this participation decade. The minimum period of detention was until 2010 only five years, "says Didier Orens, Director of Private Banking Palatine.

New deal to invest in SMEs

Unless you're used to playing the angel, or to have in its relations to an entrepreneur confidence eager to welcome new shareholders, it is very difficult to choose oneself society adequately. But sometimes private banks épaulent their clients in this process.Banque Palatine, for example, proposes to support film production, investing in a small business designed with the specialist who already operates its Sofica (companies that finance the film industry and provides a tax advantage for income tax) .

Last year, it was still possible to diversify risks and build on a number of SMEs both through a holding company that was responsible for selecting them. But the new rules imposed on these structures this year has had a dramatic effect: it creates it virtually over. Investors can not expect to reduce their ISF through them no fax cash advance.

To receive a turnkey management and a diversified investment must subscribe for units of FCPI (mutual funds in innovation) or FIP (local investment funds).If the fund is committed to devoting 100% of its portfolio in SME financing, the taxpayer is granted relief on ISF 50% of the amount subscribed. If the fund is content to place in non-listed 80% of its assets (the remainder is invested in money market investments in listed shares, bonds …), the tax benefit is "only" 50% × 80% 40% of the bet. In all cases, the economy of ISF is capped at 18,000 euros. The subscriber must keep its shares five years, but the actual duration of the investment is longer, sometimes over a decade … because you have to allow time for the manager to sell the participations in the capital of companies (with another fund, another group leaders.) and to reimburse the taxpayers as well. The new trend? Some FCPI FIP and invest in convertible bonds (non-listed course) issued by SMEs in obtaining financing."This is a solution increasingly demanded by business leaders because it prevents them from being diluted by new shareholders," said Fabrice Imbault, associate director at A Plus Finance. Another advantage: the FIP or FCPI know more precisely what date it will be refunded.

Among the FCIC that matured (ie, generally between seven and ten years after the purchase), some showing heavy losses. Others have preserved capital or even offered a capital gain of 10% to 50% throughout the period (excluding tax benefit and entrance fees). How to sort the wheat from the chaff? "The most important is that the manager has a sufficient deal flow, that is to say that SMEs seek the spontaneously when accessing finance. This implies that it is known entrepreneurs or intermediaries who advise them, "said Fabrice Imbault.Because for the money, good "records" of investments are not so numerous. And they are coveted.

While looming two weekends among the busiest in passenger of the year, Air France warned of now-already-and its passengers that they may have to be patient. If the airline has reached an agreement with the seven unions of Stewart and hostesses, thus avoiding a first strike scheduled for July 29 and August 1, and with the pilots, who have lifted their strike notice of August 5 to 8, it still faces other threats to social movements.

Another notice of pilots

A threat is … drivers, this time those who are carried by three minority unions – the SPAF, the Alter and R'Ways – and who have filed a strike notice for the July 29 to August 1. As the crew before them, the drivers are protesting against the offensive "anti-low cost" Air France plans to launch in its databases province.The new operation is expected to result, according to the drivers, an increase in the number of hours worked and trips a day.

For now, this movement somewhat worried the company, which does not anticipate any disruption in traffic this particular weekend.

Mechanics harden the tone

Meanwhile, the management of Air France must also manage another conflict, less publicized than those of pilots and aircrew, but that could be acted upon: some 4000 engineers responsible for maintenance of 260 units of the company practice of walkouts, for seven weeks no faxing payday loans. If the company minimizes the facts explaining that the work stoppages of one or more hours that are 50 to 100 people, the impact on traffic is nonetheless real.

According to Le Parisien, Aujourd'hui en France, long flights and medium-haul flights from Paris-Charles de Gaulle accuse each day delays of 15 to 20 minutes. Management also recognizes that it is obliged to postpone the launch of a two-plane in the evening to morning. Orly airport and Toulouse are also affected.

And before the stalled negotiations on wage demands, the engineers are threatening to get tough tonight at 22 hours. "Delays are possible and we do not exclude some cancellations," said Air France AFP. Alert bulletins on traffic conditions are published to the attention of travelers on the website of the company.

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"Possibly carcinogenic to humans' status is awarded yesterday evening to" Radiofrequency Electromagnetic Fields "- the waves emitted by mobile phones, awarded by a panel of expert agency of WHO The International Agency for Research on Cancer (IARC, IARC or English). The idea of ​​the harmfulness of the use of mobile phones on health is not new. Despite this, the three largest telecom operators (Orange, SFR and Bouygues) simply take note of the announcement made by the CIRC. No specific communication operators is given for adapting to this trend of each idea. What efforts in research and development? Prevention? The questions remain unanswered.

The French Federation of Telecoms (FFT) is responsible to communicate to all stakeholders.In uncommuniqué published today, remember that the mobile operators' apply for several years, a precautionary approach by including headsets with each set of mobile phone, and informing users about precautions " as recommended by the Ministry of Health. Jean-Marie Danjou, Chief Operating Officer at Mobile College of TFF said that nearly 30 million copies of the information leaflet "my mobile and my health" from the government, have been distributed (in stores, boxes with bills …). He assured that the opinions expressed by the IARC and adopted by WHO will be added to information available on the websites of operators.In addition, a representative of the FFT points out that the headsets are present in the enclosures since 2003 in France, and mandatory under the law since last year.

Globally, the International Agency for wireless technologies (CTIA) moderates a strong opinion of the IARC said in a statement published yesterday that the published classification is based on a "limited evidence" small personal loans. It specifies that products such as pickled vegetables and coffee are in the same class as the wave of mobile, thus attempting to mitigate the strong confidence in the agency's statement of WHO. "The IARC classification does not mean that mobile phones cause cancer." Reads black and white in the statement of the CTIA.The GSM Association, which represents the interests of telecom operators worldwide, for its notes that "risk is possible but unlikely" while acknowledging that "some users may be concerned" and that publication of the IARC invites Further research on the long term.

A level of RF varies from mobile

Nevertheless, consumers can make the choice of vigilance in learning about the Specific Absorption Rate (SAR) of mobile they use. This is an index that measures the maximum level of radio frequency emitted by the phone to the user, measured in watts per kilogram. The maximum SAR authorized in France is 2 watts per kilogram. To equipment sold in France ranges from 0.3 to 1.417 watt per kilogram according to manufacturers and aircraft configurations.For example, the Samsung S Galaxy displays the lowest in SAR 0.23 W / kg while the Sony Ericsson X10 Mini Pro displays the highest SAR 1.61 W / kg. The Apple Iphone 4 presents meanwhile a SAR of 0.59 W / kg. Mobile vendors are bound by an obligation to display the national regulatory DAS of each model when they are sold. The consumer is therefore able to select a phone emitting the least possible spectrum. It can also simply call as much as possible in conditions of good reception, sms and focus away from the handset sensitive areas of the body during a call using the speakerphone.

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The games are not made. While the International Monetary Fund is seeking a new general manager following the resignation of Dominique Strauss-Kahn, emerging countries are mobilizing for a leader from their ranks.

While for now, no Chinese is not on the list of potential candidates for the resumption of the post, the Middle Kingdom believes the new boss of the institution should be Chinese. "The time has come to put an end to Western domination on the IMF," said Shan Renping commentator, in an article published by the Chinese newspaper Global Times. He adds that "one of the main responsibilities of the IMF is to oversee the trade and provide funds to countries in need, capabilities that can provide a growing China."He cited the name of Zhu Min, the former deputy governor of the People's Bank of China, then became Special Advisor to the Director of the IMF, as a potential buyer of the post.

For its part, the Mexican Minister of Budget, Ernesto Cordero, supported the candidacy of Governor of the Bank of Mexico, Agustin Carstens. "This is the best candidate for the IMF," said the minister at the Mexican press.

Statements which echoes the words of the Brazilian Finance Minister Guido Mantega said Wednesday that the succession of DSK to head the IMF should not be "decided in a hurry" or reserved for a European.

For Lipsky, Christine Lagarde is one of the candidates "well qualified"

Since the establishment of the institution the item is traditionally given to a European Bank since management is entrusted to an American.Thus, if an emerging leader is elected this would be a first for the institution.

While the position raises all desires to the four corners of the globe, American John Lipsky, who has served as Acting, said yesterday that the Board of Trustees will meet Friday to discuss it. He believes that Christine Lagarde is one of the candidates "well qualified" to lead the institution. A view widely shared in France and Europe, where statements of support have multiplied yesterday.

However, John Lipsky has left the door open to candidates from emerging countries, stating that "there is a consensus among our members that the process of appointing the CEO should be open, transparent and must be on the basis of merit. Open means open.Open does not open only to some. "The campaign has only just begun.

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