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In Slovakia, the cacophony lasted all day. And eight and a half hour debate will not be enough. On Tuesday evening, the Slovak deputies rejected the strengthening of the Financial Assistance Fund in the euro area (EFSF). A decision that could aggravate the debt crisis in the eurozone. Indeed, the unanimity of the country is essential to confirm the agreement reached by the Heads of State on July 21.

Neither the European Commission's exhortations asking Bratislava to endorse the extension of funds or calls Jean-Claude Trichet speaking in a crisis "systems" need to "fight with great determination" n 'So it will not change. Nor the assurances of the German Chancellor, Angela Merkel, a trip to Vietnam, according to which euro area "political will to overcome the crisis."

Iveta Radicova, Slovak Prime Minister, had nevertheless put pressure, making the vote on the European relief fund about trust, it has finally add fuel to the fire. A party member of the governing coalition, the Freedom and Solidarity movement (12.1% of the vote), who refused from the beginning to support the EFSF, from the outset has responded by announcing that he would not participate simply not election. For weeks, he keeps saying that Slovakia is a country too poor to pay for the mistakes of others and pay 7.7 billion euros. Moreover, in all 124 deputies present, 55 elected representatives voted in favor, 9 against and 60 did not vote.

Early elections

Remains a second vote could take place quickly, as the Constitution allows it, it was said in Bratislava.The ruling coalition without a majority in Parliament, the government would not have other means to turn to the opposition. The Social Democratic Party understands the benefit to be derived from the situation: this very night, the Smer-SD announced its readiness to support the strengthening of EFSF, provided that early elections are held. "If the talks begin, I believe that voting can take place this week," said the spokesman of the party.

In short, just a few days of the summit of European governments scheduled for October 23, the rescue of the euro remains an issue that can not stop dividing.

It would almost forget that a new had to reassure the Greek Prime Minister George Papandreou.Troika (European Commission, European Central Bank and International Monetary Fund) has given the green light Tuesday to release "probably in early November," the new $ 8 billion promised to Greece as part of the loan to was granted last year.

The teams of the troika, which had suspended in early September, their on-site because the government was not fast enough in its reforms, believe that additional measures of rigor taken since mid-September "should be sufficient" to address the situation of the country and achieve the deficit to 14.9 billion next year.

Although they recognize that the revenues from privatization will be "significantly lower" to 5 billion euros that had been planned for this year.Similarly, they note the upward revision of the public deficit to 8.5% of GDP (gross domestic product) instead of 7.4% for 2011. But they keep their hopes for sales of state enterprises still bring 35 billion to Athens late 2014.

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Many companies have awarded the famous "dividend premium against" backwards. And in fact, the amounts paid are far from the expectations of the government, says a study by Deloitte from the first returns of negotiations in companies. As Labour Minister, Xavier Bertrand, was on the table before the payment of a premium of 700 euros per employee in companies that have paid dividends on the rise, the real turn around more than 300 euros. As for the maximum amount paid, it tops out at 600 euros.

Two reasons. The first is that the premium desired by Nicolas Sarkozy to "restore the purchasing power of employees in times of recovery," has been perceived by most companies as an additional constraint than an opportunity to motivate their troops.The premium has indeed added to the devices sharing the existing value, such as profit-sharing, mandatory for companies with over 50 employees who make a profit. "This is even more disturbing that the incentive for the prisoner has recently been tightened," says Emmanuelle Rivez-Domont, a lawyer in employment law at the firm Jones Day.

The other factor is the economic context. "Uncertainty room makes companies cautious," says Philippe Burger, a partner at Deloitte. The evolution of the economic situation is also evident throughout the negotiations. "Before the trouble was and he threw in the financial markets, companies thought given bonuses of around 500-600 euros. Today, the discussions revolve more around 150 euros to 200 euros per employee, "says Philip Burger.The crisis reduced the premium to a trickle.

Wage increases slightly affected

Some companies, such as Rhodia, were more generous than others. But it should not enjoy these raw numbers, without putting them in connection with the incentive policy, participation or wage increase of the company, the consultant warns. "Some companies had the tools to share value added very generous, and that worked well. Explain what they have paid premiums less important, "said he.

The study also brings its share of surprises. The dividend premium against does not seem to negatively impacted as wages were concerned that the trade unions. While most companies recognize that its influence is not neutral, only 10% of them say they have reduced the envelope increases the amount of the premium.And they are more than 60% to estimate its impact on wages has been small.

Companies have until 31 October to agree on the amount of the premium, or they are liable to criminal sanction. Evidence that firms do not rush, only one in two has already ended its negotiations on the subject. "Given the mandatory nature of these discussions, and urgency, companies are simple, says the consultant. They also generally a fixed amount equal to each employee. But if the premium is sustained, they could eventually refine their criteria for distribution. "

Prime Minister George Papandreou on Thursday once again called on Greeks to "make one more effort." Parliament where he met members of the Ionian Islands region and Crete, he acknowledged that "in an international environment very hard and unfavorable" it was inevitable to give a new turn of the screw "to ensure the important decisions of 21 July which give Greece a new rescue package and alleviate the debt. "

But two days after the announcement of new austerity measures, the Greeks hardly accuse the coup.To get the sixth installment of the loan of 110 billion euros, or 8 billion euros, the government's attack this time directly to households: 20% discount on pensions in excess of 1200 euros months, 30,000 employees laid off and placed in lowering the threshold of non-taxation to 5000 euros per year.

For Thanassis, college teacher, the situation has become untenable. "For eighteen months, we wake up every morning with a knot in my stomach until the next sunset," says he. So far, Thanassis did not participate in strikes, but this time he is running out: "My wife earns only 400 euros per month and will now be imposed.As for me, in addition to the reduction in my income, it imposes upon me a new solidarity tax … I can not pay, they send me to jail, it will always be better than being homeless ".

Strikes cascade

Thursday, the streets of Athens were paralyzed by the strike of public transport and taxis, while teachers and municipal employees will do so instant payday loan. As a result, the Greeks had taken their cars, contributing to the formation of traffic jams. In turn, air traffic controllers stopped work four hours, forcing airlines to cancel or delay flights. And this is only the prelude to an end of September and October ahead particularly hot socially.

Even today, the whole country will again be largely private transport.From next Tuesday, taxi drivers planned a second strike of forty-eight hours, renewable. Before the nationwide general strike scheduled for 19 October, Greece is going to live on a chaotic rhythm.

For Pavlos Tzimas, a political analyst, the malaise is deeper. It may even, says he, to turn against the government: "This can not continue. Every three months, it was announced to the Greeks a new package of austerity measures. The government has overestimated its austerity program and has underestimated the weight of the recession. "

The business concern as well. "There is no compass, this government does not know where it goes," Constantinos Michalos rebels who heads the Chamber of Commerce and Industry of Athens.

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There is electricity in the air when it comes to the estate of Pierre-Henri Gourgeon at the head of Air France. The future boss of the Air France-KLM in 2014, must initially be appointed head of the only Air France. The Board of Directors of the Company held Wednesday will not be an opportunity to put an end to the war of suitors. The four directors who comprise the Nominating Committee decided to take their time. It is only in the coming weeks as the quartet will present its recommendation, hoping to bring some calm and find a consensus on the board.

The "wise men" are aware that the candidate will also appeal to the state, which supports the candidacy of Alexander Juniac, adviser to the Minister of Economy, Baroin instant personal loans guaranteed.Pierre-Henri Gourgeon is on the same line, but not Jean-Cyril Spinetta, Group Chairman, a supporter of the appointment of a "pro" for a business sector heckled by the TGV, the low-cost, companies of Gulf and Asian competition.

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Risk of default of Greece, uncertainty about the Italian economy, banks in the crosshairs of the rating agencies … in times of financial uncertainty, real estate is more than ever its role as a refuge. A study by the Ipsos institute for the network of estate agents Orpi, released this morning confirmed. 39% of respondents, real estate is "the safest investment in France today."

The stone ahead and booklets and savings accounts offered by banks (29%), and life insurance (19%). Actions (2%) and bonds (2%) are even further relegated last. The survey results show that confidence in real estate is even stronger than household incomes are high.Thus, over half (52%) of those reporting more than 3000 euros monthly income claims to have faith in the stone.

If Bernard Cadeau, president of the Orpi network, welcomes the conclusions of the study, he also expressed fears for the future. Recent government decisions – taxation of capital gains, reducing the advantage Scellier have …- he said, clearly upset the French. "It also translates instantly into the field with 5% of our customers who have taken the mandate to sell their second home in the weeks that followed," said he. A view shared by Gilles Ricour Bourges, his counterpart at the Paris-Fnaim. Since August 25, the real estate professionals succeed in denouncing the announcements made by the government and their negative effects on the market and on household budgets as prices could rise again because of the shortage.Analysis they will not fail to spread on the occasion of the exhibition of real estate in Paris, which opened on next weekend.

Coca-Cola is angry against France. To protest against the tax on soft drinks that the government of François Fillon wants to establish in 2012, as part of the austerity plan, the U.S. giant announced Thursday the suspension of an investment of € 17 million provided for the next year at its plant in the Bouches-du-Rhone, the Pennes-Mirabeau.

This is the first concrete decision of the U.S. company from ads on 24 August. By this gesture, the group's management intends to "symbolic protest" against the tax. The investment "is not canceled but it must be reassessed in the context of uncertainty created by the tax," says the group. These 17 million would be used to launch a new production line for cans at the plant, the second in France in terms of production, which employs 203 people and five years has already received 45 million euros of investment .

It was to be formalized on September 19, on the occasion of the celebration of 40 years of factory Pennes-Mirabeau. The arrival of John Brock, president of Coca-Cola Enterprises for 40 years the site is also canceled.

"I understand the position of Coca-Cola"

Coca-Cola, which employs 3000 employees across five production sites in France, says wait and see what will unfold the vote in Parliament before taking a final decision. The tax should indeed be debated in the coming weeks as part of the bill for funding Social Security."We hear and symbolic protest against a tax that punishes and stigmatizes our company our products," said Coca-Cola, which "reaffirms its strong opposition to any form of stigmatization of soft drinks and their assimilation into other product categories such as tobacco. "

This tax, which should bring 120 million euros to the state, according to the manufacturers should increase the cost price of the can of a euro cent on average. For the National Association of Food Industries (ANIA), the decision of the U.S. company is understandable. "I understand the position of Coca-Cola, said Jean-René Buisson, president of the association. Coca is one of the companies that have signed charters with the government on reducing sugar and nutrition education policy.Why do food manufacturers would they continue to trust the government? ", He gets mad. "The tax Fillon is the stigma of food which is harmful is not scientifically proven," he adds.

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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.

Wall Street was unable to string together a fourth consecutive session. The New York Stock Exchange finished lower on Tuesday: according to preliminary figures, the Dow Jones gives 0.68% to 11,405.25 points and the Nasdaq, dominated by technology, 1.26% to 2523.11 points. After opening down, the markets have increased their losses after the meeting, much anticipated, between German Chancellor Angela Merkel and French President Nicolas Sarkozy, Around 20 hours (French time), the Dow Jones lost 0.89% to 11,380 , 46 points after hitting a low of 11,292.63 points. The Nasdaq loose in turn 1.45% to 2518.22 points.

The ads at the end of the Franco-German summit failed to reassure the markets, concerned about the contagion of the crisis of debt in the euro area.Angela Merkel and Nicolas Sarkozy called for a "real governance of the euro area", the introduction of golden rule of balancing the budget in national constitutions and a tax on financial transactions. They, however, repeated their opposition to the creation of Eurobonds. These must be the "culmination of a process of integration and not a prerequisite," said Nicolas Sarkozy. For the French head of state, they would, in addition, "serious danger" to the most stable countries such as Germany and France.

After the meeting, European markets ended on a note hesitant. The euro was briefly argued against the greenback before going down. The European currency traded at 1.4402 dollars around 21 hours, down 0.21%, after reaching 1.4471 dollars in the wake of Franco-German proposals.Oil markets, a barrel of "light sweet crude" for September delivery closed lower. He lost $ 1.23 to 86.65 dollars. The September Brent sold his part of 0.4%, or 44 cents to 109.47 dollars.

European growth disappoints

The bad mood also follows the publication of European indicators disappointing that send negative signals about the health of the euro area. Germany, European locomotive, reported a surprise slowdown and sharp growth in the second quarter. The entire euro area saw growth of 0.2% after increasing 0.8% in the first quarter.

Two good news though: the rating agency Fitch affirmed the "AAA" rating on U.S. debt, along with a stable outlook. The Federal Reserve also reported industrial production rose higher than expected for the month of July.It advances by 0.9% thanks to the automotive sector and the heat wave that has boosted the use of air conditioners and thus power consumption.

The release of housing starts, down 1.5% in July, but confirmed the slump. The number of building permits has meanwhile Contracted 3.2%. As for import prices, they recorded an unexpected rebound, while export declined.

Values ​​to follow

On the corporate side, Home Depot (5.31% to 33.13 dollars) has issued a profit better than expected in the second quarter, while Wal-Mart (3.87% to 51.95 dollars) recorded a further decline in sales over the same period. The retail giant has nevertheless issued a profit and a turnover up more than 5%.

Agilent Technologies (-2.48% to 36.57 dollars) reported Monday after-hours trading from a profit of $ 330 million, or 92 cents a share, in the third quarter, up 62% The number of Business was up to 1.69 billion.

Berkshire Hathaway (-0.90% to 107.623 dollars) would have taken a stake in the retailer Dollar General (4.94% to 33.78 dollars).

Dell (1.94% to 15.80 dollars) has a higher than expected for deuxtrième quarter. It reached $ 890 million, up 63%. Saks (-4.63% to 8.77 dollars) has warned that he would discuss the fall "with a bit more caution" in light of general concerns about the economic recovery. The group, however, reported a loss of $ 8.4 million in the second quarter, against 32.2 million last year. Its quarterly revenue was also up 13% year on year.

It all starts in late July in the French newspaper Le Monde. In a lively pen, "Philae" tells, in twelve parts, how a role play between two traders who are bored leads to rumors of a plot against Angela Merkel and the euro, all on the eve of elections French law of May 2012 ….

In this series of summer, we follow the wanderings of a young journalist from the Wall Street Journal sent to Frankfurt, headquarters of the European Central Bank and the financial hub of Germany. The names of the characters in the story are well known: Bruno Le Maire, portrays in Germanophile finance minister, Mario Draghi, Governor of the BCE, to the old speculator George Soros. On the agenda of the masters of the economy, threats to Societe Generale, next target of a takeover bid, and the Italian bank UniCredit.Their exposure to Greek debt fueling concerns.

Although it is amazed by the accuracy of the descriptions and the likelihood of situations, the informed reader understands that this is a fiction. In August 2011, Bruno Le Maire is not finance minister, but of Agriculture, and Italy's Mario Draghi has not made the head of the ECB, which is still headed by Jean-Claude Trichet.

On a rumor of a fall fiction real

It seems, however, whether this summer series that has inspired the fictional journalists Mail on Sunday, the Sunday edition of the Daily Mail for a story published Sunday catastrophic. In this paper, Simon Watkins and Dan Atkins have Societe Generale "at the brink of bankruptcy after terrible losses from its exposure to the Greek debt" and UniCredit "could collapse so similar" to the French bank.

The journalists added that "David Cameron has interrupted his vacation last night [Saturday, ed] to discuss the situation with Nicolas Sarkozy", a fact that has not been confirmed but exists also in the series of daily French.

Listed on online sites such as CNN mentioned on many forums, Twitter by many users, copied on blogs, the article from Monday, August 8 heat the rumor machine. Many elements accrediting effect the veracity of the article in the Mail on Sunday: Societe Generale is very exposed to the Greek crisis. August 3, his boss Frédéric Oudéa announced quarterly earnings down after a depreciation of 395 million euros for the shares of Greek states.

Wednesday morning the rumor that the company would be general in a situation so serious that the French government should intervene to save her is growing the market. The surprise announcement of a meeting at the Elysee Palace on the financial situation in the morning is a bombshell, and credibility to the words of the Mail on Sunday. The lack of communication officers of the Societe Generale does not help.

Meanwhile, as the stock market collapsed and with it the other financial stocks. At the heart of a black session, rumors succeed: France could lose its triple AAA, the government must save the banking system …

Only the evening that the management of Societe Generale denounces rumors and application to the financial markets opened an investigation into the launch of these sounds.But the damage is done: the bank saw its stock melted from 14.7% in one trading session.

A series of unexplained errors

Several questions remain: how an article in the Sunday edition of a tabloid, usually specializing in photographic study of cellulite British starlets, he could be taken seriously and set fire to the stock market ? How is it also possible that the two journalists of the text may have been confused, which to be inspired by what has been a fiction?

The text of Philae is, indeed, confusing realism. Hidden under the pseudonym, a journalist from the Tribune, Brussels correspondent of the daily economic, and whose employment by the evening paper did cringe at the writing of the World.A French bank would also indignant at the tone of the newspaper that gave off the soap truth, so much so that the newspaper added from 1 August 1 line warning: "Le Monde reminds its readers that situations, facts and figures reported in this fiction is imaginary and should not be taken as an expression of reality. "

There are no quotes in the article by Watkins and Atkins, which are directly drawn from the World Series, but the charges against SocGen and UniCredit, and the words of the intervention of Nicolas Sarkozy to be found in both documents. The Daily Mail has deleted Article guilty of its online site and apologized, acknowledging that the paper was based on "false information". Thursday noon, the Cac 40 fell below the symbolic threshold of 3,000 points, while Societe Generale fell by 7.26%.

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.