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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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• 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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Denis Olivennes set the course. The boss of Europe on Monday announced a desire to place the station "lasting beyond 10% of total audience," where its predecessor, Alexandre Bompard, always assured that "we had not set a target Hearing ". A Europe which ended the 2010-2011 season to 8.7% of the audience, did not exceed the symbolic threshold of 10% audience from January to March 2010. For Denis Olivennes, yet it is the "natural area" where Europe has to change 1. Currently, a play in which division France Inter (10.2%) and NRJ (10.7%). "It's a marathon not a sprint," said Denis Olivennes.

If the owner of the station, also at the head of information division of Lagardère Active (Europe 1, Sunday Journal and Paris Match), is given three years to reach its goal, it is pressed to do so."We need to increase advertising revenues and those from diversification. It provided funding for our programs, "commented Denis Olivennes. In the first half, Europe 1a indeed registered a "slight decrease" in advertising revenues. But advertisers have been attracted by the new schedule in September, reassured the control group low fee payday advance.

This new grid wants to "reconnect with the deep roots of the station." "Europe is a television station whose spine is the information which has the characteristic good humor," analyzed Denis Olivennes.Simple translation on the air: the three appointments of information of the day – the morning, afternoon and evening Europe – are interspersed with two "beaches of entertainment," in the late morning and afternoon.

New site info

Eager to improve its image among listeners as advertisers, Europe has become an an "opinion leader". It is the mission entrusted to Arlette Chabot, director of information of the station. "The information needs to be a reference to Europe, as its independence," she said. To strengthen its position as the standard for information, will also launch a Europe in mid-October a "pure player" of information, facilitated by a dedicated team of journalists. It will be fed content from other sites in the group, its own content and production of Internet users.

Partially back on the device exemption from overtime? This is one of strong measures to which the Prime Minister would consider as part of austerity measures he is about to announce Wednesday. In any case, it would have given Monday to Jean-Claude Mailly, general secretary of FOR, it has had a long line as part of budget preparation for 2012. "Francois Fillon told me that his services reflected on an application of exemptions from whistle to the level of overtime done," says the secretary general of TF. In other words, the relief granted to businesses would be decreasing with the number of overtime worked.

Such a reform would be a way to go very smoothly on a system condemned by unions but emblematic of the early five-year term of Nicolas Sarkozy.It would also bring hundreds of millions of euros in state coffers – the contribution holiday costs more than three billion a year to Social Security – without too much strain on the purchasing power of employees. It is ultimately the only confidence that François Fillon was permitted. "It was not for him to test a range of measures," says one of his advisers. Most of the time, the Prime Minister has therefore merely listen to what his interlocutors have to say.

"Protecting Growth"

Jacques Voisin was the first to meet Sunday with the prime minister. The chairman of the CFTC asked François Fillon that the measures he is about to take are "consistent with the growth and equitable" and they have no "impact on employment and social minima ".Jean-Claude Mailly for its "push" two major points in his eyes: "the preservation of public services and the protection of collective action," such as tax benefits to the issuance of food stamps or the implementation of complementary health.

In his meeting, François Chérèque for his part stressed "the need to implement measures of social support to employees and businesses to avoid blockage of the economy." The leader of the CFDT has once again required the creation of an additional tax bracket for the highest income or the conditioning of exemptions from VAT and social security to the requirements on employment and wages.The Prime Minister, who undertook to study these proposals, agreed that it was "important to protect growth, small businesses and employment, and support the most disadvantaged," reports the CFDT, which "oppose any questioning of social benefits for savings."

After discussing the budgets of social security and local authorities, François Fillon has finally confirmed Laurence Parisot, the president of MEDEF, it would be "very attentive to SMEs and business conditions."

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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Pierre-Antoine Dusoulier, the head of Saxo Bank

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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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.

This is the seventh increase in less than a year. If the Swedish central bank Tuesday raised its key rate by 0.25 percentage points to 2%, is above all to contain inflation risks, which reached 3% in May, even though the limit is 2 %. "The core inflation (excluding prices of raw materials and other volatiles), upward trend in recent months, rose 1.7%, said Victoire Dumaine-Martin of Natixis. Unlike the Bank of England or the ECB, the Riksbank has a wide scope for growth remains dynamic. "

In fact, with a GDP increase of 5.7% in 2010 from 7.5% last quarter in the year-the highest score statistically memory, after a severe recession of 5.3% in 2009, the country who wants to stay out of the euro area, acts as a "northern tiger" which prances in the forefront of European performance.Unlike the German locomotive, which relies mainly on foreign trade, it is primarily the dynamics of domestic consumption, private and public, which boosted the Swedish economy in 2010.

Benefiting from sound public finances, Sweden did not need to austerity plan, unlike most European countries. Stockholm has achieved a balanced budget in 2010. Public debt fell from 54.3% in 2001 to 39.8% in 2010. "Exports have helped the country out of recession but in the end of 2010 the contribution of foreign trade has been zero, the explicit expert Natixis.This is related to the process of restocking businesses and strong domestic demand that boosted imports. "The tax cuts implemented by the center-right government and the improvement on the employment front from mid-2010 with an unemployment rate of 7.9%, which should continue to fall around 5% by 2014, supported consumption.Raising interest rates is also intended to counter the housing boom: prices have risen steadily to regain their pre-crisis level and the rate of household debt has jumped 103% of income Gross available in 2000 to 170% today.

Appetite for emerging

If since the beginning of the year, growth slowed 0.8% in the first three months of the previous quarter, and should continue in the coming months, mainly because of a decline in other European The forecast for this year is very envious, well above 4%. A situation aided by the appetite of emerging economies for "Made in Sweden" and productive investment to restore productivity.

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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