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29.9 billion euros. This is the minimum cost per year, calculated by the Institute of the company, the sixteen main proposals of the socialist program and François Hollande for the presidency in 2012.

Measures François Hollande

The Institute has calculated the company eight measures developed by the Socialist candidate in the primary. First, the creation of 12,000 teaching positions per year, or 60,000 on the five-year term. This would cost 360 million euros per year, cumulative $ 1.8 billion in 2017. "These new posts create an implicit debt to the State, which undertakes to pay the pensions of these agents when they reach retirement age," says the Institute. The rating is saltier contracts for generation, exempting charges for three years as a young recruit companies while maintaining a senior job.This measure, the five-year cumulative, burden on public finances from 30.5 to 33 billion.

Another strong measure: the extension of the RSA under 25 years of activity without preconditions. The Enterprise Institute estimates that 120,000 to 200,000 young people could be affected, which would represent an annual cost of 528 to 876,000,000. With "a serious risk of imprisonment in a youth inactivity trap and a significant risk of fraud", the RSA representative "70% of the money diverted to family allowance." The Institute also estimated the cost of the massive development of renewable energy and reducing from 75 to 50% of the nuclear power generation by 2025. The bill? 10.9 billion a year.If this effort can reduce French imports of energy, it will be "on the other hand a negative effect on the purchasing power of households, through the rising cost of energy bills," warns the IDE.

The measures of the Socialist Party

Winner of the primary, Francois Hollande has not yet specified what action the program he intended to resume the PS no fax payday loans. The Institute has calculated the company in the main. The establishment of a public early childhood, a key measure of the project would cost between 4.5 and 5 billion per year. Half the budget of the justice! The bulk of the bill would come from the creation of 360,000 childcare places (3.8 billion per year … just by operating costs), welcoming children from 2 years to kindergarten cost him, by 720 million year.Much controversy as the assistant accused of favoring the creation of a study allowance for trainees is paradoxically less expensive. The Institute's $ 1.3 billion per year. The reason? This new allowance would replace other aid, and especially young people concerned only with limited resources. The bill would particularly high, however (9.6 billion per year), if the allowance was extended to all students, warns the Institute.

In a more traditional vein, the PS promotes the appreciation of the disabled adult allowance (AAH) and better care for older people, through the personal autonomy allowance (APA).According to the Institute, which takes the hypothesis of a revaluation of these allowances by 20% over five years, the AAH would cost $ 1.7 to $ 1.9 billion a year more, and the APA, 1, 5-2100000000.

Cell quantification of presidential projects, implemented by the Institute of the company, will now address the evaluation of the revenue side of the PS program. The question is whether Francois Hollande planned 30 billion of resources to balance its balance sheet. Last outstanding issue: the institute did not look back on the pension reform, suggested by the PS but never clearly put on the table by François Hollande. If this were the case, the encryption would rise much faster.

LVMH keen interest in crocodiles. The luxury group buys Heng Long, one of the five largest tanneries in the world of skin of these amphibians. LVMH guarantees its supply of crocodile leather quality that will serve to make its products more upscale, like her Louis Vuitton bags designed by Sofia Coppola or some accessories valued at Dior.

Tanning, led by Koh family since its inception in 1950, is listed on the Singapore Stock Exchange, it should be removed in the coming weeks.

This will be done via a holding company dedicated HLI Holding. It will acquire all shares of Heng Long to 160.8 million Singapore dollars, or about 92 million euros. LVMH will become majority shareholder of Heng Long, holding 51% stake. The Koh family is committed to reinvesting in the HLI holding up the remaining 49%.The Director General and Executive Director, members of the fourth generation Koh, will remain in place for at least the next five years.

The tannery produces between 200,000 and 300,000 skins per year, including crocodiles from Porosus high in Asia. Despite the change of ownership, it will continue to supply customers other than LVMH.

Heng Long is riding high. Its sales surged in the first half of this year to 36.3 million Singapore dollars (20.8 million), it was up over 50%. During the same period, the net result of the tannery was even more than doubled.

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.

Greece seriously concerned about new markets. First because of its new economic forecast alarming: the finance minister, Evangelos Venizelos, admitted yesterday that the austerity plan would cause a recession than expected, with a decline in GDP is now estimated at 4.5% " at least "in 2011 against 3.8% prior.

But mainly because the second plan with 158.6 billion euros, concocted by the Heads of State on July 21 and has yet to be ratified by all members of the euro area, has been seriously shaken by Finland.

Helsinki this week announced it has signed a bilateral agreement with Athens where, in exchange for his participation in the bailout, Greece to collateral ("Collateral") to Finland. This sum, which some analysts valued at 1 billion euros would be invested by Finland in risk-free assets.Interest earned will, in the end, to cover the amount loaned in the rescue plan. In other words, the Finnish government has made pledges to ensure against any risk of default of Greece.

Two-tier system

Technical in appearance, this agreement could have an impact politically devastating. Although this is a bilateral agreement, "Member States of the zone will validate this discussion between Finland and Greece," said a spokesman for the Commission, Amadeu Altafaj, ensuring that " Negotiations are already underway. "

But in Brussels, it does not hide his concern. If it is definitely validated the agreement between Finland and Greece could open a Pandora's box by allowing other countries to step into the breach. Austria, Slovakia and Slovenia are already tempted to do the same."We believe this agreement will exacerbate the problems of Greece and did not fall," warned yesterday the Dutch Prime Minister Mark Rutte. He said the solution is equivalent in effect to "resume direct" the money lent. However, the Dutch Prime Minister said that if the Finns get this guarantee, it should apply to all countries in the euro area quick cash.

Therein lies the problem. By creating a two-tier system, the agreement undermines the solidarity displayed by the leaders of the euro area on July 21. "The participation of Finland has been canceled," said one EU source, deploring an arrangement going "against the spirit of the agreement" for Seventeen.

Difficult, however, to reverse, the source added.Helsinki is indeed required to deal with the nationalist party of the True Finns since their breakthrough in the last legislative elections and their reluctance to come to the rescue baskets drilled in the euro area.

Markets are not fooled

Under the pressure of Finland, the Heads of State of Seventeen had included a short clause in their agreement of July 21, stating that "where appropriate, a security agreement will be established to cover the risk arising, for Member States of the euro area, the guarantees they have provided to EFSF. " The rhetoric is vague and leaves open to interpretation. Yesterday in Brussels, experts from the ministries of finance in the euro area came together to floor on the issue.

For the Commission, this development is not a surprise, and he emphasizes the urgency of ratifying the agreement of July 21.José Manuel Barroso had written to heads of state of the euro area from August 3 to ask them to speed up the timetable, and thus "avoid introducing excessive stress in terms of conditions or additional collateral." We understand better the rush now.

Athens wanted reassurance yesterday, indicating he had entered into negotiations with a pledge of Helsinki. But financial markets are not fooled: "If all countries in the euro area, each requiring a Trust Agreement, this will restrict all the help that will actually be available for Greece," say economists at Barclays Capital. This would imply de facto establishment of an additional third envelope.

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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.

For the United States

"The direct consequence of the loss of" AAA "rating is going to be the most difficult to borrow, says Dominique Roux, professor of economics at Paris Dauphine. Interest rates will therefore rise. "The movement may be modest, however: despite the rumors of degradation rates of long-term interest Americans were still very low Friday. "The rating agencies do not set interest rates, although they may have an influence," Augustin Landier tempers, professor at the Toulouse School of Economics. In April 2002, Japan lost its rating "AAA" and the impact remained limited. Above all, the United States remains a country apart. "Today, the U.S. Treasury issues debt, which was bought by the Federal Reserve, the U.S. central bank.It is therefore run the printing press, "says François Chaulet, associate director at Montsegur Finance. Another consequence, some bond managers could be forced to sell U.S. debt because they are forbidden to hold securities other than "AAA".

For European states

Europe has its own concerns of public debt, particularly in Spain and Italy. However, some might find of interest. "There is a" AAA "less and there could be a technical delay of the remaining debts still having this notation," Judge Francis Soler, credit manager at Edmond de Rothschild IM. This is the case of Germany, but also of France.And S & P affirmed the ratings for France online payday loans.

For financial markets

"Markets do not expect the decisions of rating agencies to react," said François Chaulet. The deterioration of the American note was expected, which partly explains the decline in recent days. "It is the accumulation of bad news, especially the concern about future economic growth in the United States, which led to a drop of this magnitude of global exchanges, said Jerome Vineria, an analyst at IG Markets Markets. These elements are still there, implying that markets should remain volatile in the coming weeks. "But the bad news today all seem familiar. And a real international coordination could change the movement."If Monday's session can still be difficult, I think, however, that the balance of the week in Paris could be positive," Jerome Vineria ventures.

For households and businesses

For U.S. households, the main risk would be higher interest rates. Companies will also be affected by the rising cost of credit, but they could also benefit by acting as a hedge against weak states. "Today, many companies appear financially stronger than the most fragile states," Francis Soler edge.

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»COMPUTER GRAPHICS – Who holds the State debts

The U.S. stock markets are yo-yo. After closing sharply higher Friday, Wall Street declined sharply on Friday. The Dow Jones lost 0.76% to 12,622.54 points, the Nasdaq yield 0.84% ​​to 2848.44 points and the S & P 500 0.99% to 1339.84 loose points. Thursday, Wall Street has ended sharply higher, reassured by the employment figures in the private sector.

These declines are explained by the release this Friday afternoon, disappointing numbers in employment in June that contradict the good results of the ADP survey released Thursday.The hires are in fact remained at a standstill for the second consecutive month, with only 18,000 jobs created, while the unemployment rate continued its rise, to 9.2%, according to figures released by the Department of Travail.Le report Official "is seen as a crucial gauge for assessing the short-term capacity of the world's largest economy to withstand" the signs of slowdown in the country's economic recovery, analysts explained the broker FXCM.

On the macroeconomic front, investors will also monitor the numbers of consumer credit in May (21 hours).

For his part, President Barack Obama acknowledged yesterday that the disagreement persisted with the Republicans on the budget and debt.He has given a new appointment on Sunday to elect to provide an update on the progress of talks will take place by then.

First results expected Monday half

Attention should also be strengthened by the forthcoming opening of the ball half-year results. As usual the aluminum giant Alcoa (-1.33% to 16.27 dollars) will open the show these ads on July 11 or next Monday. Generally considered a barometer of the health of the U.S. economy, the aluminum companies would announce analysts said a sharp rise in earnings in the second quarter.The rise of aluminum prices and increased demand, especially from aircraft manufacturers, accounted for much of this improvement.

On the foreign exchange market, the euro lost ground against the dollar on Friday, traders moved cautiously before the release of the official report on employment and unemployment in the United States, major indicator to assess the strength of resumption of the world's largest economy.In early afternoon in Paris the European single currency was worth 1.4323 dollars against 1.4356 dollars Thursday

The side of values, given the green light Thursday by the shareholders of the transatlantic exchange operator NYSE Euronext (-0.40% to 35.26 dollars) a merger with Deutsche Börse marks a victory for its chief executive Duncan Niederauer, who strongly defended the project since mid-February.

Always on the side of values, the U.S. pharmaceutical company Pfizer (0.10% to 20.25 dollars) is considering "strategic alternatives" including the potential sale of its animal health business and infant feeding.The animal health division of Pfizer in 2010 achieved a turnover of 3.6 billion and nutrition Pfizer $ 1.9 billion.

Moreover, after the close of Wall Street, CEO of Exco Resources (7.46% to $ 0.72) Douglas Miller has revised its bid on the company to 18.5 million in cash and a part in actions against 20.5 million in cash earlier.

For its part the News Corp. (-2.84% to 17.42 dollars) will close the British tabloid Sunday News of the World, in the heart of a wiretapping scandal.

Also note, the Taiwanese SemiLEDS (-8.06% to 5.70 dollars), listed on Wall Street has announced a loss of 5.1 million dollars, or 16 cents per share against 6 cents expected. Turnover was down to 5.6 million against 9.9 million last year and 6.3 million expected.

The very demanding certification labels for timber such as the FSC would they about to be marginalized by European legislation is less restrictive? Some pose the question today. Ardent proponents of the regulation adopted by the EU is no shortage of arguments to suggest otherwise.

FSC (Forest Stewardship Council) was established in 1993 after the Earth Summit in Rio. It offers large forest operators to comply with a specification very strict on environmental issues, social and economic return for obtaining a quality label could make a difference on the European market. It now comprises some fifteen million ha in tropical forests, including five for the Congo Basin and almost three for the Republic of Congo alone."But today, Europe is imposing a traceability system which is only legal and therefore much less stringent than the certification systems," warns Dr. Clotilde Ngomba, the coordinator of the forest fund Basin Congo.

Launched in 2003, the European program that meets the acronym FLEGT (Forest Law Enforcement, Governance and Trade process) "aims to curb the production and trade in illegal timber," says Alain Pénelon, regional adviser for COMIFAC (Commission Central African forests). With a goal involve the largest number of forest holdings. "We had reason to push the FSC large farms," ​​says Mark Benedict, director of the firm Terea, "but it is very restrictive and very expensive and small businesses can not follow him installment payday loans. FLEGT system is intended for them. "The World Bank, the loss of value due to illegal logging accounts for more than 10 billion dollars and the loss of revenue for governments, 5 billion.

Legality encouraged

The main measure of FLEGT aims at establishing a partnership between Europe and a producer. It specifies the criteria to ensure that timber imported into Europe is of legal origin. It provides traceability, verification systems … "The implementation of a FLEGT agreement may take three or four years," said Alain Pénelon. Such a delay until October, Parliament ratified a new law prohibiting the arrival on European soil or wood products from illegal logging. "This will be the operators in Europe to ensure this," said the specialist.This regulation will apply March 3, 2013.

"I do not think there is a risk of competition between the two systems," he says. "The same mechanisms are highly complementary," insists Emmanuel Heuse support of FLEGT Democratic Republic of Congo. "These two systems must grow together," he adds. Optimists hope that the first step then bring FLEGT timber operations to proceed towards certification. Over the legality will be encouraged, more forest will be protected. It is urgent: despite improvements since 2000, tropical deforestation is very high. It is 5.4 million ha per year, equivalent to the area of ​​Costa Rica.

U.S. stock markets close an increased very slightly on Thursday. The Dow Jones is 0.07% to 12,402.76 points, the S & P 500 gained 0.40% to 1325.69 points and the Nasdaq rose 0.78% to 2782.92 points.

On the foreign exchange market, the euro rebounded against the dollar on Thursday, helped by speculation about a coming increase in Chinese investment in the European sovereign debt.By late evening in Paris, the European single currency was worth 1.4135 dollars against 1.4083 dollars late Wednesday.

On the macroeconomic front, the U.S. GDP grew 1.8% in the first quarter, according to the second official estimate of the growth of winter, which confirms the original figure while analysts thought it would be revised upwards (consensus expected 2% growth).

New jobless claims in the United States are divided on the rise during the third week of May, 424,000 according to figures released Thursday by the Department of Labor (cons 414,000 the previous week), while analysts expected a decline, to 400,000.

Microsoft: 1.98% to 24.67 dollars

The investment fund Greenlight Capital, a shareholder of Microsoft, wants to remove the CEO of computer giant, saying that Steve Ballmer is a man of the past.

Computer Science: -13.02% to 38.35 dollars

For his part Computer Sciences announced yesterday evening after the close of Wall Street have registered for the fourth quarter of fiscal year 2010/2011 earnings per share of $ 1.09 against $ 1.16 and $ 1.66 expected year past. Turnover was 4.2 billion, stable over one year.Over the full year, EPS fell 10.4% while turnover remained stable at 16 billion dollars.

Liberty Global: 1.51% to 44.92 dollars

Also after the close of U.S. markets, Liberty Global has received an indicative offer from Foxtel to buy back its subsidiary Austar United Communications owned 54.2% at a price of 1.52 Australian dollars per share, valuing the share of Liberty Global to nearly one billion Australian dollars.

NetApp: 6.92% to 55.31 dollars

NetApp reported for the fourth quarter earnings per share of $ 0.59 against $ 0.53 expected and $ 0.5 last year, while turnover reached 1.4 billion dollars against 1.2 billion last year.For the quarter, NetApp expects earnings per share of 0.52 to $ 0.57 and revenues of about $ 1.5 billion.

Google: -0.30% to 518.13 dollars

Also of note, Google has unveiled a contactless payment solution developed by MasterCard and Citigroup. The owners of Android phones will eventually make their phones instead of their credit card at the checkout.

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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