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Year after year, the situation is more bitter and alarmist. The Chinese market is becoming less hospitable to foreign companies. In its annual report, the European Chamber of Commerce in China believes that despite promises, Beijing multiplies the obstacles. "Recent measures limiting further opening the market to raise questions about the desire to create for all market players sustainable opportunities," says the EU document.

Catalogue of Foreign Investment released this year by the Chinese government is full of examples. Notably in the "green" high priority posted in Beijing. Foreigners are worried about being de facto excluded from the promising area of ​​"clean energy".Thus, the joint venture manufacturer of components for cars running the "new energy" power in the first place can not be held at 50% maximum by foreigners. The same goes for offshore wind turbines. In a more general, significant obstacles still exist in the sectors of construction, automotive, financial services and telecommunications.

A perfect expertise

If the Speaker of the House, Davide Cucino, welcomed the objectives of 12th five year plan endorsed this year by Beijing, which focuses on the development of domestic consumption and services, he regretted that "some of these priorities will not reflected in the texts governing foreign investment. " And, while "European companies have a perfect expertise and technology" to address these areas of effort.Surveys of members of the House reflect the anxiety room. Some 43% of them believe that the measures taken by Beijing are discriminatory to foreign firms, against 33% last year. And 46% – against 36% last year – believe that this situation will continue at least in the next two years.

At a time when the general economic downturn makes the dynamic even more indispensable terrain Chinese, Europeans and Americans want Beijing transforms good intentions into action. As for improving market access for public bids – estimated at one trillion dollars annually, which is slow in coming, as deplored by Davide Cucino.

• Why is it the capital the sinews of war?

Basis of bank balance sheets, equity protect in case of hardship, by absorbing the losses. For decades, regulators consider that the level of capital a bank against its commitments is the best indicator of its strength. The 2008 financial crisis has only reinforced this analysis for the simple reason that supervisors realized they had been unable to prevent it. Thus, their goal now is to reduce the impact of future crises, by ensuring that banks have sufficient buffers.In particular, the new international regulations, Basel 3, requires that by 2019 no later than the banks' capital should represent at least 7% of their commitments "hard equity" against a floor equivalent to 2% before the crisis .

• 400 billion already raised

In other words, the race started in the capital for a long time in Europe. First in 2008 and 2009 to offset losses from the crisis. And since 2010 to meet the requirements of Basel 3. The European Commission amounted to 340 billion euros state aid in the form of recapitalization of banks that it has validated between 2008 and 2010. Between January and April 2011, banks have continued to increase their capital by 50 billion euros. In total, nearly 400 billion euros were injected into the European banking system in three years. And it's not over.Portugal, Greece or Spain, the governments push to consolidate their banking sectors. European authorities concluded, following stress tests conducted in May, as eight banks of these countries had an immediate need for 2.5 billion euros. But the amount should be much higher because 16 banks, including Germany, remain in a tie no fax payday advance. For European banks, finally, the question is whether the economic downturn will thwart the rise of their ratios by reducing their profits. In which case they will either raise capital or reduce their commitments.

• Who are the deep pockets?

If Christine Lagarde calls on European banks to seek priority to private investors, the plummeting share price of Barclays and other general company since the beginning of the year complicates the equation.The UniCredit, Deutsche Bank and Commerzbank have had the chance to increase their capital just before the stock market crash of the summer. French banks, they have got just in time a boost through the stock dividend. In this context, it is no coincidence that the last few days of sovereign wealth funds and other major investors are back. Last week, Warren Buffett – who won $ 1.7 billion by betting $ 5 billion over Goldman Sachs in 2008 – has placed a ticket 5 billion in Bank of America. In addition, the merger of the second and third Greek banks is supported by a fund of Qatar. In 2007 and 2008, already, Singapore, Kuwait or China were brought to the rescue of troubled banks in the world.All did not keep good memories, like the fund of Abu Dhabi, Adia had placed $ 7 billion in Citigroup.

However, if by chance the private shareholders do not jostled, European states began to organize to ensure public support for the banking sector. This is the case in Spain, for example. In addition, the Summit of July 21, European governments have decided to allow the European stability fund to recapitalize banks directly if necessary.

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Caution on the Cac 40. In the wake of the Asian stock markets and the day after a sharp drop on Wall Street, investors should not take any risks. According to market operators, the Cac 40 and may open down.

Markets are waiting with some anxiety the president's speech to the U.S. central bank, Ben Bernanke, the outlook for the U.S. economy. An hour and a half ago, the U.S. government has released its second estimate of GDP for the second quarter. The consensus growth overseas could fall by 0.2 point to 1.1% from the first estimate. On Thursday, weekly jobless claims declined.Causing a sharp decline in U.S. stock markets.

On the corporate side, the ball results Essilor continues with the program on Friday morning.

Essilor International reported first half sales of 2.06 billion euros, up 6.9%, the band announced via a press release issued in the edition of Les Echos to appear Friday payday loans lenders.

Financials

The ban on short selling financial stocks on Thursday was extended to France, like Italy, Spain and Belgium, and the Financial Markets Authority (AMF) said it would review its position by late September.

Total expected to present a reorganization in the fall of scale of its operations downstream, with a planned merger of its refining and petrochemicals, according to Les Echos, citing union sources.

As for oil, prices were mixed Friday morning during electronic trading in Asia, in a sluggish market, before the highly anticipated speech of the head of the U.S. central bank (Fed). In morning trading, a barrel of "light sweet crude" for delivery in October gave 10 cents to 85.20 dollars per barrel of Brent North Sea crude for October delivery took 19 cents to 110.81 dollars.

While the public debt crisis shakes the euro area, France announced a new set of austerity measures. Goal: save 1 billion euros in 2011 and 11 billion in 2012 and thus reduce the public deficit to 3% of GDP in 2013. The government has set itself the "new challenge" to reach a deficit of 4.5% of GDP instead of 4.6% initially referred to "secure our path against any additional hazard growth and take care not to break the engine of growth, "said Prime Minister Francois Fillon.

The government downgraded its growth forecasts: this year, French GDP to increase by 1.75% against 2% originally planned. The same progression, 1.75%, is expected in 2012 against 2.25% previously expected.

The new measures

To achieve these objectives, Prime Minister François Fillon unveiled on Wednesday a new set of austerity measures. Most were expected. But Fillon said part of some key measures announced and others that had not been discussed so far.

– A tax on high incomes: it will be 3% income tax reference (capital and labor) from 500,000 euros.

– Increase of 1.2% of payroll taxes on capital income. Until now, property income (interest, dividends, life insurance products) were subject to social security contributions up to an overall level of 12.3%. This rate will increase to 13.5% and will apply to income in 2011."These households are mainly those whose standard of living is higher," insists Matignon.

– Overtime: The government has decided to reinstate the overtime in the Schedule of nationwide reduction of "maintaining the specific tax and social benefits," said the Prime Minister. Specifically, this measure will not change for employees whose net pay is not reduced and that the tax will not be increased. For employers, they will continue to benefit from the exemptions from overtime under declared but will have their planed reduce charges on low wages.

"This is not in any way to challenge the law Tepa who works overtime an instrument for business flexibility and purchasing power of employees," said François Fillon.This provision will be included in the draft budget law for 2012 Social Security to be debated in Parliament in the fall. It shall come into force on 1 January next year and will generate 600 million euros in revenue from additional contributions.

– Changing the taxation of real estate capital gains: is the measure that will bring the most in 2012 with an estimated saving of 2.2 billion euros. It is a measure that will bring the most to the state. It affects the owners of second homes, rental properties, building land or vacant. Until now, capital gains realized on the sale of immovable property (excluding principal residence) are taxed at 19% (plus payroll taxes). But the gain was undergoing a reduction of 10% per annum from the fifth year of detention.In the end, beyond 15 years in prison capital gains realized on the sale of these goods were therefore exempt from taxes. The government decided to abolish this reduction of 10% and derogatory "to tax real estate gains actually realized, after controlling for inflation no teletrack payday loan." Specifically, a tax of 19% will therefore apply to the capital gain, derived from the inflation recorded since the date of acquisition. Small clarification: This measure takes effect from the sales made after August 24, that is to say … Today!

– A new "movement of the plane" 10% of the score of tax loopholes already reduced much of last year.Are concerned and niches favoring certain investments overseas, investment in rental housing (Scellier) or the tax credit on equipment green.

– The rising price of tobacco, alcohol and soft drinks: Tobacco prices will increase by 6% in October and again in 2012. Taxes on spirits will be increased by 90 cents per liter. Wines, rums and regional productions are not affected. With the same public health argument, a tax 'anti-obesity "on soft drinks will be introduced next year, the benefit of the social security. Mentioned several times over the past years, this project had so far been held in check by the food industry.

– The complementary health will be more severely taxed to report 1.1 billion euros in 2012.Even non-existent a year ago, the tax which perform mutual and private insurers on Contracts for additional "responsible" will double to 7%.

Contracts for Health "responsible" people do not pay deductibles (1 euro per visit, 50 cents per box of medicine …) or supplements for consultations with specialists outside managed care, and do not set their contributions according to the health of the insured. They represent over 90% market share. There is no doubt that further protest and say forced to raise their prices after this. To maintain a – small – incentive for this type of contract, the contract tax "not responsible" will she, range from 7% to 9%.

– The corporate tax will be amended to harmonize the rules with Germany.The government will propose the harmonization of the report deficits in terms of corporate taxes with the rules in force in Germany. Paris and Berlin had already announced their intention to create a "common corporation tax" in 2013.

– Increased social package of 6% to 8%. The social package is a levy paid by the employer on the amount it pays its employees under the employee savings plan (participation, sharing …). Currently 6%, this package will be raised by 2 points, rising to 8%. The social package was created in 2009 and raised by 2 points every year since. This should bring 400 million euros in savings.

These measures will be proposed to parliament next week for debate in early September and be implemented quickly.

The case of addiction, however, should suffer from this new austerity plan."Addressing this issue in the economic and financial climate is not responsible," said the Prime Minister.

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Gold endless chain of historical records. On Wednesday, a day marked by a new slump in stock markets, gold futures have surpassed for the first time in history the threshold of 1800 dollars to 1801 dollars an ounce, up 3% on the New York Commodities Exchange (Comex). Spot prices have touched the session 1796.86 dollars an ounce. Expressed in euro, they also reached the historic high of 1,255.89 euros per ounce.

Since the rating is downgraded the sovereign debt of the United States by Standard and Poor's Friday, gold benefits from a surge in risk aversion. "Investors are panicking, they lost all their bearings," said Djillali Hacid, technical analyst at XTB France. As the equity markets, traders do not seem convinced by the various rescue plan intended to secure the sovereign debt, in Europe and the United States."For investors, there is no way for these debt problems. What is proposed is that tinkering is not reassuring and that does not seem able to avoid contagion, "says the analyst. Evidence of the distrust of the operators, the gold had increased its earnings even as the President of the European Central Bank (ECB), Jean-Claude Trichet, suggested that the bond buyback program could resume in support of the Spain and Italy, two countries under pressure from the markets paydayloan.

In addition to fears of contagion gloomy growth prospects in the world and especially in the United States where poor indicators are linked in recent days.

In this context trouble, investors consider gold as a safe haven that allows them to cope with economic uncertainty and turmoil in the bond markets.However, riskier assets suffer warning signs that multiply in the global economy, suggesting a slowdown in growth. Oil is one of those sensitive assets.

Soaring gold prices will last

For the coming months, so difficult to imagine a sudden drop of the metal king. The upward pressure is reinforced by the central bank buying. That of South Korea said Tuesday it had bought 25 tonnes of the precious metal on world markets between June and July, a first in thirteen years. In addition, "the attraction of gold is enhanced by the fact that no central bank has control of its course and can not intervene to limit its power," unlike the refuge currencies such as the Swiss franc and the Japanese yen, said Kathleen Brooks, an analyst at Forex.com.

"The growth potential of the gold is enormous.There is not for everyone and if anyone wanted to buy did, prices would rise even higher, "says one in XTB.

In the case of debt, time is a luxury that the United States as Europe can not afford. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund. Welcoming the plan against the crisis of the Greek debt presented Thursday by EU leaders, the French hoped "that these bold steps will be followed in the United States and that action in the fiscal area will occur as quickly as possible."

In Washington, "the clock is forever and you really find a solution," insisted Christine Lagarde. Democrats and Republicans can not agree on U.S. debt, then that must be addressed prior to August 2 the maximum amount that the state can borrow in the markets (the ceiling of the debt). Otherwise the U.S. will not reimburse investors.

"Having a default or a significant reduction in the rating assigned to the signing of the United States, an event would be very, very, very serious. Not for the U.S. only, but for the world economy in general, "said the leader of the IMF. In the longer term, the IMF has asked the United States Monday to hand over "the debt to a sustainable path." U.S. debt until recently was considered by investors as an investment "safe".

If it is proved otherwise, the consequences could be incalculable. The United States "can not default on their obligations," said John Boehner, a Republican official in Congress. "The jobs and savings of too many Americans (are) in."

Threat of 'turbulence'

Europe is no exception.After the summit on Thursday, the leaders of the euro area should continue their efforts, Christine Lagarde warned: "The plan was welcomed by financial markets, as evidenced by the stronger euro and lower spreads rates on bonds of the periphery. But the turmoil could easily reappear. For this reason it is essential that the commitments of the summit are implemented quickly. "

Problem: The plan must be submitted to national parliaments for approval. "This will be done in the coming weeks. This will not happen overnight because, as is often the case in many developed economies of the Northern Hemisphere, August is relatively calm. And parliaments are closed, "admitted the director of the IMF. But Europeans do not have the luxury of taking their time.I think there is an expectation that things should move forward and be implemented not only by the countries directly concerned but also by governments who, as I said, kept their promises. "

To help stem the debt crisis, the IMF disbursed $ 330 billion to date, also recalled Christine Lagarde. Given this fact, the IMF might have to seek new funds to its member countries, its director admitted: "In the not too distant future we will probably take an interest in this issue."

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Back in the red for the Paris Bourse. At closing, the Cac 40 drops 0.77% to 3812.97 points. Investors are concerned about the United States. The elected representatives of the U.S. Congress again tried Sunday to reach an agreement on raising the debt ceiling, but without success. While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, they have continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their opponents Republicans, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a U.S. default.This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, changing declined Monday. According to the IMF, the United States may suffer a "severe shock" if the debt ceiling of the federal state was not found in time.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the euro declined slightly against the greenback at 1.4347 dollar dollar in late afternoon. Oil is also down.To 17.30 U.S. a barrel fell by 0.542% to 99.35 dollars, while the gold, he goes back to 0.84% ​​and is trading at 1615 dollars an ounce.

The banking sector in heavy losses

Dexia lost 8.09% to 1.95 euros, Crédit Agricole 5.44% to 8.92 euros, BNP Paribas 4.47% to 46.63 euros and Societe Generale 4.70% to 36.28 euros. Bank stocks suffer after degradation of the note of Greece by Moody's.

Axa (-4.26% to 13.72 euros), while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider favorably participation in the project initiative of private investors, as part of the options.

Values ​​to follow

Areva: 0.10% to 25.37 euros, EDF: -0.28% to 27.09 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants in the CEO of EDF, Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership to be signed in September.

JCDecaux: -3 pay day loans.87% to 20.24 euros

JCDecaux was down sharply, after seeing the recommendation on its way down to "hold" against "buy" before, by Citigroup.

Alstom: -0.16% to 39.42 euros

RATP has ordered 66 additional subway trains for more than 300 million euros, of which 200 million will fall into the hands of Alstom Transport, Alstom said in a statement.

Score: -0.59% to 18.44 euros

The reinsurer Scor reveals a growth of 22% at constant exchange rates, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -1.26% to 41.94 euros

The group will buy the British network Build Center and French Brossette in Wolseley, which is the world leader in the distribution of equipment, plumbing and heating.He will spend 145 million pounds (165 million) to Build Center and 186 million euros for Brossette. "These two acquisitions (…) represent a contribution of over one billion euros in sales," says Pierre-André de Chalendar, CEO of Saint-Gobain, said in a statement.

Unibail-Rodamco: -3.44% to 143.88 euros; Klépierre: 0.88% to 27.41 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 1.01% to 130.55 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.48% to 39.26 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: 0.05% to 47.32 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.07% to 27.84 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

Christophe de Margerie confirmed and signed. In mid-April, the boss of Total has caused an uproar by saying that the super two euros per liter was something inevitable.This time the statements are more subtle but no less firm: on the margins of economic meetings in Aix-en-Provence, the head of the French company said that "the price (of oil) rather than being on the rise, so do not expect long-term prices (fuel) down. "

The issue is very clear to Christophe de Margerie, "If it does not reflect the increase in oil prices, the box runs." Under these conditions, while going on holiday will intensify in the coming days, the price the pump are about to take four to five cents extra.

The decision of the International Atomic Energy Agency (IEA) on 23 June, to tap into strategic reserves to lower prices will have had a very limited impact."The effect was instantaneous – crude has fallen from 115 to 107 dollars, almost four cents less at the pump – but the fundamentals of the market quickly regained the upper hand," said Jean-Louis Schilansky, President of the French Union of Petroleum Industries (Ufip).

$ 200 a barrel

In this case, is the increase in demand on prices. While the IEA has estimated that the outbreak in the spring classes began to slow global consumption, but the 90 million barrels per day (bpd) is no longer so distant. Moreover, if growth continues, the cap could be gone by the end of the year, according to the scenarios of the Agency.

Meanwhile, it is unclear how far prices will rise at the pump. At the end of last week, the Brent crude in London closed above $ 118."The courses tend gradually to 120 dollars," said Jean-Louis Schilansky which states that within a few days fuel prices should find their levels of early June. An average of 1.50 euro for unleaded 95 and 1.33 euro for a liter of diesel. As for the bar that fateful two euros per liter, it corresponds to the experts at a price of 200 dollars a barrel. "We still have some respite," said Jean-Louis Schilansky.

In this issue so sensitive fuel prices – especially in summer – the government continues to be very careful. A few days ago, they had encouraged retailers to pass quickly down the barrel instantly.This time, they should encourage stakeholders – oil and supermarkets – to smooth the rise in crude.

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At Paris Air Show, Airbus steals record after record. While the European aircraft manufacturer has been a landmark order yesterday from the Indian carrier IndiGo, involving 180 Airbus A320 150 A320neo, a subsidiary of EADS did even better on Thursday. During the fourth day of the Paris Air Show, the manufacturer confirms the largest order in the history of civil aviation in the number of devices with 200 Neo A320 from Air Asia. The boss of AirAsia said Thursday that the day would be a "great day" for the company. AirAsia, based in Malaysia and largest low cost airline in Asia, with this command becomes the largest customer of Airbus.

In addition, American Airlines is about to acquire from Airbus over 100 single-aisle A320 series, according to Bloomberg. The price of the order could amount to about $ 8.5 billion at list prices.These devices replace less efficient airplanes like the Boeing 757 and MD-80. This command would be a setback for Boeing since the company is usually the client U.S. aircraft manufacturer, Airbus' main competitor.

After its intention to buy A320neo, the airline GoAir Indian low cost has signed a firm order this morning for 72 medium-haul of its kind.

Since the beginning of the show, the success of the A320neo is undeniable: it should pass the milestone of 1000, just seven months after its commercial launch. Subsidiary of EADS has already exceeded its targets since was 500 A320 orders by the end of Bourget.

Other models also reap Airbus orders this Thursday

The A380 also encounter expressions of interest. Skymark Airlines has confirmed Thursday morning ordering two A380s.The amount of this additional order would reach at list price, $ 750 million.

In addition, Airbus hopes to get "a significant portion" of the large order that would formalize Air France-KLM this summer, said Thursday Fabrice Brégier, Chief Operating Officer of the European aircraft manufacturer. The French company could opt for the A350 model. "We believe that the A350 has advantages over the Boeing 787. For us to make to Air France-KLM, "commented the manager.

For now, the official death toll is over 700 orders and options, including 347 firm orders for Airbus in three days. The total amount of these orders, at list prices, at more than $ 65 billion.Boeing is so far below as the U.S. garnered 126 orders and options, including 61 farms, pour19 billion.

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"I walk in the countryside." Thus, Christine Lagarde, finance minister and declared candidate for the post of Director of the IMF, began his speech on Europe 1 radio on Sunday. Its stated goal: to convince all the emerging countries of the legitimacy of his candidacy. "These countries are worried. They want recognition and they feel frustration. They want a manager with universal and that is why I will introduce myself, "she said.

The minister will travel first to Brazil "because it is the first country invited me," she says. She will then visit the 'all emerging countries, notably China, India, some countries in Africa and the Middle East. Which will require it in his words to "make a lot of extra hour" because this campaign is done in conjunction with its agenda of Minister of Finance.While emphasizing the concept of universality, Christine Lagarde says she remains "deeply French and European. But in the context of these functions, you must be accountable to all of these 187 member countries. "

No fears for the record Tapie

Even if she repeats that "we should not count your chickens before they're hatched," the minister made a speech very assured, aware of the many clear support of the Europeans and Americans implied. "If I am elected, she says, I will leave the government because the two functions are incompatible." Asked about the name of his successor, the Minister nevertheless kicked into touch: "It's not for me to decide, but we have in our ranks many talents."

Christine Lagarde has also lingered long on the back Tapie, only shadow seemed to hover over his candidacy. "The file is empty," she repeated.She said the referral to the Court of Justice of the Republic by the Attorney General at the Court of Cassation, Jean-Louis Nadal, "is factually false and legally unfounded." "I chose the solution of arbitration in the case because I believed that Tapie was the least bad. A conviction was run a risk of 7 billion euros to the state. " For the future, the finance minister said to "really good confidence in the judiciary" and says she has "conscience".

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