International Headlines and Stories

A day back in the middle of August. Nicolas Sarkozy will be in Paris today for lunch with François Fillon, then to meet with German Chancellor Angela Merkel, herself back from vacation.

At a time when the euro area is attacked, France and Germany are trying to show a united front and show their determination to end the crisis. The mini-summit will be devoted to devising solutions to improve the governance of the euro area, which concern failures in financial markets. Although not conclusive a priori – "do not expect anything spectacular," said a spokesman yesterday the German government – the meeting should enable the two leaders to lay the groundwork for the future.

Sensitivity of the issue Eurobonds will however not address, contrary to the hopes markets.Berlin's opposition to the creation of common obligations to countries in the euro area has long been known. The Merkel government has good reason to be against: issued in the name of all countries, eurobonds have an interest rate equal to the average rate in effect in all countries. It would therefore be higher than that which currently takes Berlin. Until now, France is merely to show little enthusiasm for these Eurobonds.

Yesterday, Paris is out of the woods to show his unity with his partner. "The Euro-bonds are not an adequate response today. Common issue bonds requires a degree of economic integration and budgetary countries that we have not met, "says one as president fast cash. Paris joins Berlin on another "nyet" to increase the capacity of the European Financial Stability Fund (EFSF), now with 440 billion euros."The level of funding is appropriate," they say at the Elysee.

Hours before his meeting with Angela Merkel, Nicolas Sarkozy has discussed with Francois Fillon and French public finances. Lead to disappointing growth, the government has no choice: even a few months before the elections, it must take further austerity measures. France, which is followed closely by the markets, absolutely must bring its deficit to 4.6% of GDP in 2012.

Niche in their sights

To achieve this, taking into account a sluggish economy, the figure of 10 billion euros of savings is often cited. But do not confirm Bercy. In the entourage of Valérie Pécresse, the budget minister, it says only that "these savings are the result of efforts on spending cuts and tax loopholes."Last week, he had urged his counterparts from the euro area to take all necessary measures, including the creation of Euro-bonds, to avoid disintegration of the single currency "that would be an economic catastrophe, including for the United Kingdom ".

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The attendant of the Magi does not believe in miracles. In this village of the Cevennes Gard, Jacky controller takes the last independent station. "When I moved in 1984, there were eight stations on the road, remember Jacky, a bit fatalistic. I will be retired in a year, and no one will resume the activity. "

The disappearance of the gas station of the Magi was certainly inevitable. In 1985, there were 29,750 service stations, according to the French Union of Petroleum Industries (Ufip). Since the network has disintegrated. They were more last year than 7149, only 1538 independent. Regression for the benefit of a large area stations: 2250 26 years ago, they are now 4902.

Financial support

But to make matters worse, the service station owners are now faced with a challenge.Finance the upgrading of their facilities necessitated by the transposition of European directives into French law, whose applications are expected for a period from 2013 to 2020.

These regulations impose progressively strengthen the provisions for recovering gasoline vapors during the refueling of vehicles to fight against air pollution, compliance with new distances "between the devices and distribution from a public establishment or of a building inhabited "rearrangements of tracks, but also the installation of double-walled tanks.

"There's € 20 000," says Jacky Regula. The attendant of the Magi is all the more bitter than the prices differ by only a penny from the Intermarché neighbor. "I'm fighting with my cash and pay my suppliers in five days to get the best price.But to be profitable, it takes at least a margin of seven cents per liter, "says he.

"These obligations can result in decisions to stop activity by owner-operators with two main reasons: the high level of investment and the inability to meet the new standards such as safety distances," warns the Ufip.

Brigitte Bros., owner of the resort village of Lozère Malbouzon (160 inhabitants), near the A75 motorway, is categorical: "The standards being too expensive. It will not work. "Just for the two pumps, estimate amount to € 60 000. "It is amortized over a hundred years, she joked. The station is to be helpful. There are not many in the corner. It is open seven days a weekIt's a real public service. "

Brigitte Bros. has yet stepped up efforts to keep his business, where a liter of diesel is € 1.55, or about 16 cents more than in a supermarket. Managed for nine years by Evelyne Perret is the only gas pump to 10 miles around, and one of the five supply points independent of the department.With about 6000 liters of fuel sold each month, the station scrapes, supported by the activity of the restaurant, coffee Perret, with its workers to 12 € menu.

At the number of closures announced, the Professional Committee of the fuel distribution has developed budgets that can partially support the small owner.

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European stock exchanges succeed they continue their rebound started the day before? Nothing is less certain on Friday morning, when the index in Paris fell into the red immediately after opening up 0.17%. Ten minutes after the opening, the Paris index yields 1.59% to 3040.59 points. Frankfurt and London have opened in the red: the Dax yield 0.64% to 5760.41 points and the FTSE-100 lost 0.70% to 5126.81 points.

Thursday, ACC closed up 2.59% to 3089.66 points, after falling in mid-session. The day before, he had plunged more than 5%.The same volatility dominates in Frankfurt the Dax closed Thursday up 3.28% and in London where the FTSE-100 index gained 3.11%.

Investors should prove once again nervous at the end of a week marked by extreme market volatility, which saw the CAC 40 push the psychological threshold of 3000 points during trading Thursday before returning to the colors. Investors were reassured by the announcement of a meeting between Nicolas Sarkozy and German Chancellor Angela Merkel on August 16 to issue joint proposals on the governance of the euro area. In addition, U.S. markets were supported by two good indicators of the jobless and real estate. Wall Street has ended sharply higher: the Dow Jones has gained 4% and the Nasdaq 4.69%.

Despite the ban on short selling in the securities of eleven banks and insurance companies to counter the extreme volatility of the stock market values. Still, banking stocks are still abused in the image of BNP Paribas, which issued a statement Thursday night to reaffirm the strength of its capital, Societe Generale and Credit Agricole.

No growth in the second quarter

On the macroeconomic front, INSEE reported this morning from zero growth in the second quarter in France (0 saving account payday loan.0%), against an increase of 0.9% in the first quarter. Inflation also slowed: the consumer prices fell by 0.4% in July, resulting in an increase of 1.9% over the year (against 2.1% from June 2010 to June 2011 ).

Oil is, meanwhile, resumed its decline in trade in Asia, having recovered Thursday in the United States.In morning trading, a barrel of "light sweet crude" lost 47 cents to 85.25 dollars and that of Brent North Sea fell by 57 cents to 107.45 dollars.

Other values ​​to follow, Carrefour pulls out of the game: the title ahead of 3.32% to 18.53 euros. U.S. giant Wal-Mart have mandated UBS to investigate the acquisition of the Brazilian subsidiary of French retailer, according to Reuters, citing a source familiar with the matter.

Goldman Sachs lowered its recommendation on Lafarge (-0.62% to 28,835 euros) and withdrew the title from its list of recommended values ​​in priority to the purchase.The intermediary has instead built his list to Saint-Gobain (0.55% to 32.975 euros) and Vinci (-0.30% to 34.36 euros).

Europacorp (0.63% to 3.22 euros), the production company of Luc Besson, Thursday reaffirmed its goal of a return to balance for the current year, despite a sharp decline its turnover in the first quarter.

Derichebourg (-1.05% to 3.489 euros) Thursday confirmed its target of improving its annual net income, after recording a sharp increase in sales over the first nine months of the year.

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"The major difference between the 2008 crisis and the looming today? This time, we should not expect China to save the world to the tune of hundreds of billion yuan stimulus plan. "For this manager, the situation of China explains much of the current stock markets tumble world. Everyone is afraid now a powerful brake on the side of Beijing. However, a slowdown in the Chinese economy could dangerously jeopardize the recovery of the entire planet.

This brake application that profile every day, while inflationary pressures continue to weigh on Beijing could prompt the central government to continue to raise interest rates, taking the risk of curbing its industrial growth.

The index of consumer prices rose 6.5% in July year on year, against 6.4% in June, according to figures from National Bureau of Statistics released Tuesday. This is its strongest acceleration in three years. From month to month, prices rose 0.5% in July against 0.3% between May and June

Between January and July, inflation has reached 5.5%. Far from the 4% target set initially for the entire year by the Chinese leadership. And still above the revised target of 5%.Premier Wen Jiabao warned in June that this goal would remain the government's priority, although the task is "difficult".

Ample liquidity

The July figures correspond to an expected peak of the rise in prices, which should subside in the coming months, according to most analysts. "Inflation is generally under control and, more encouragingly, the moderation of core inflation suggests that the campaign of monetary tightening government holds the price pressure on the demand side," said Matthew circumstances a economist for Moody's Analytics no faxing 1 hour payday loans.

In the short term some concerns will therefore dissipate.But the new uncertainty in global markets and weak growth prospects in Europe and the United States creates additional pressure for China, which has its hands tied in the adoption of a possible stimulus package likely to eat too inflation.

The party faces an abundance of liquidity in the economy, the main cause of rising prices. The final recovery plan adopted in late 2008 to boost the economy has led local governments to borrow up to 1.16 trillion euros, of which 80% were on loan from Chinese banks, according to a recent report by the National Bureau of audit. For now, the party seeking to stabilize its economy rather than risk a new runaway.

This also explains the nervousness that exists among senior leaders of the international situation.The countries concerned by the problems of debt and deficit must adopt policies "monetary and fiscal concrete and responsible," Wen Jiabao said Tuesday. Things are clear: the largest creditor in the world now pose the conditions before consent to any-will.

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The countries of the euro tried Tuesday to better figure than the day before, when the long meeting of their finance ministers had led to no decision on the treatment of the Greek crisis. While financial markets had begun their day with a new rout, especially in Italy and Spain, three elements have helped bring a little calm.

The fall was first halted at midday by the sudden intervention of the European Central Bank, which bought the debt of Italian and Spanish markets to contain the bleeding. Bond yields eased, and banking stocks have rebounded.

Then, after the ministerial meeting, the idea of ​​a summit of heads of state of emergency in the euro area by the end of the week has been mentioned, but not confirmed at this stage .Brussels has not been known for over a year, at the height of the Greek crisis. At the time, Athens had to escape bankruptcy and avoid contagion to other peripheral countries. This time, the issue would be of a different order: stop the contagion to Italy, that is to say, in the heart of the euro area.

Aware of the seriousness and urgency of the situation, the leaders of the eurozone reiterated on Tuesday their "absolute determination to maintain financial stability in the euro area." The panic that swept requires quick and accurate response on the second bailout of Greece, originally presented to September.From Washington, Christine Lagarde, Executive Director of the IMF has also urged Europe to a "rapid implementation" of its promises in favor of Greece.

In Brussels, however, the debate on how the rescue of Athens has remained mired in quasi-theological discussions on the involvement or not of national treasures, the – voluntary or not – private creditors, and the possibility that Greece is formally in default.

The seventeen remain divided.Mezzo voce, increasing numbers of ministers want to raise what they consider to be a taboo that prevents Greece and other countries of the euro at bay to renegotiate its debt on more favorable terms, as do businesses and individuals.

Greek debt buyback

"With this ban, there could have substantial involvement of both voluntary and private sector," said a diplomat from northern Europe. Without it, the creditors can engage in the exercise may be painful but saving the spreading of the debt of Athens, or restructuring. Tuesday, the head of the ECB, Jean-Claude Trichet, however, was still open resistance to any idea of ​​failure on the part of Athens, as Greece itself."No option is not ruled out one account of what works," says the French Minister, Baroin.

The Eurogroup is exploring avenues to ease the debt burden for Greece. The EFSF, European Financial Stability Fund, may buy back part of the Greek debt (or finance the purchase by Athens) deep discount on the market since it is considered high risk. This track would be more or less to replace the Greek bonds Eurobonds under joint signature. The project has so far faced the hostility of Angela Merkel, keen not to "federalize" the budgetary transfers in the euro area. But the conflagration that threatens growth, perhaps the Chancellor to change the view again.

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The Greek government will appeal to the people. Prime Minister George Papandreou said in Parliament on Sunday "in the fall, we will go to a referendum on the main reforms in this country." The Socialist attempts to obtain the agreement of members on the composition of his new government and its austerity plan over five years of 28 billion euros needed for a new international aid.

These reforms are challenged in the street and into the ranks of the narrow government majority (155 seats out of 300). This is to appease the critics that Papandreou had to reshuffle his team Friday, so it presents to Parliament on Sunday. "I applied for a renewal of confidence in the government because the country is at a crucial point," he said.We need to find "a national agreement to deal with deficits and debt are a Greek national problem," he added. The vote of confidence will take place Tuesday night.

The Prime Minister is attempting to rally right-wing opposition to his austerity plan. The latter, who had hidden some of the deficits of the country before the crisis in 2009, refuses to give carte blanche. Its leader, Antonis Samaras, reiterated that his party "did not give a vote of confidence in the government as socialist Papandreou insists on a policy that does not solve problems but makes them worse."

Division concerned

European leaders are concerned about this division. Merkel supported George Papandreou Friday: "He is fighting for Greece meets its commitments, we support it.(…) It is hoped that the opposition supports the Greek government. "

Finance ministers of the euro zone meet in Eurogroup on Sunday night and Monday special meeting. They must agree on the payment of the new tranche of aid provided under the 110 billion euros of loans in spring 2010 in Greece. A budget that would allow the country to spend the summer. In addition, Europeans must also agree on a new aid plan, the sum is not yet defined. The negotiations come up against particularly on the modalities of participation of banks in the effort.

Do not expect an agreement by Monday morning, however, said the rpésident of the Eurogroup, the Luxembourg Jean-Claude Juncker. The European Commission had yet spoken this week of an agreement expected by Sunday evening.French President Nicolas Sarkozy and German Chancellor Angela Merkel had said Friday on their side need to "act quickly" on the Greek case. "We'll talk tonight about the involvement of private creditors, the question is how far it can and must go," said Jean-Claude Juncker.

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While the rating agency Standard & Poor's downgraded three notches note of Greece who becomes the country with the lowest rated in the world, the eminent economist Nouriel Roubini sees the end of the eurozone. In an article published in the Financial Times, the man who announced the financial crisis of 2008 estimated that countries of the European periphery abandon the euro within five years.

In the eyes of Nouriel Roubini, the debt crisis that weakens current euro area highlights the flaws in this monetary union. In fact, the euro zone has never been an "optimum currency area", ie a group of countries has any interest in sharing a single currency. There is indeed always been too strong and competitive economic differences between countries in the euro area.The founding fathers of the euro area, however, hoped that the differences between fiscal, monetary and exchange rates are offset by an acceleration of structural reforms within the euro zone countries. These measures would then have enabled the countries of the eurozone converge.

Without economic convergence, the euro area is doomed to failure

But "the reality is quite different," says Nouriel Roubini. Following the establishment of a common monetary policy, countries are folded on the weapon budget to adjust their economic policies business card. Very different policies have been implemented within the eurozone. Consequently, the lack of fiscal discipline in countries like Greece and Portugal involved in the birth of speculative bubbles in other countries like Spain or Ireland. And finally, the peripheral countries have become less competitive.

Economist reaffirms that to work, creating a currency area must be accompanied by a fiscal policy even as the establishment of supranational sources of income or the issuance of sovereign bonds Commons. In the absence of economic convergence, the euro area is doomed to failure, according to the economist.

Thus, Nouriel Roubini believes that there is now a way to restore the competitiveness of peripheral countries: leaving the euro, return of national currencies and depreciation. Such a scenario seems inconceivable today, is the economist who said that nothing says that in five years this idea has not gained ground, especially if the economies of peripheral countries are stagnating. Unless the idea of ​​a Euro reaches more federal drilling, some European leaders call for that greater European integration.

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A year after the liberalization of gambling on the Internet, which some had as a jackpot is not insured the success expected.

While the law was intended to fight against an illegal offer bloated Regulatory Authority of online games (Arjel) has granted 49 licenses to 35 operators (25 in poker, 16 and 8 in paris sports paris horse) but some players – among the largest – continue to go on unauthorized sites. "One of the major objectives was to ensure that the French are all on sites approved by the Arjel, has not been reached," said Nicolas Beraud, president BetClick Everest Group and the French Association of Online Game (Afjel), which paints a mixed picture of the opening. Since June 2010, the French have wagered 1.5 billion euros in Paris and equestrian sports, according Arjel.In poker, the stakes are higher than 6 billion euros, plus 800 million in entrance fees to tournaments.

Newcomers complain about not earning money. They are also worried about the lack of appetite for players for their offer. "On sports paris, the number of active players accounts is down from the 7th month of the opening," says Christophe Blot, CEO Sajoo site.

Tax debate

In this context, the perspective of a possible change in the law, in November, is the subject of intense lobbying, pure Internet players (BetClick, Bwin …) are penalized by the judging rules. "We demand a change in the tax base," said Emmanuel de Rohan Chabot, CEO of ZEturf. Opinions differ."We stand for maintaining the cap are paid back to players, along with a set of taxation," says one to the PMU, while in the French game (FDJ), it is estimated that "the current tax helps contain the addiction and the risk of money ". "There is no need to change the balance of the law, thinks Bélinguier Bertrand, president of the Ffejel, which represents casino Barrière, Joa, Sharp, the FDJ and PMU. But we can simplify the formalities for opening accounts, expanding the supply of paris sports and strengthen the fight against illegality by giving more powers to Arjel. "

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Nearly two in three French (62%) want that France is phasing to operate its nuclear plants. By adding the 15% of the population favored a quick halt French nuclear program, 77% of the French population is now opposed to this energy source. That is what emerges from the last Ifop poll, conducted from June 1 to 3 of 1005 people aged 18 and over, for the Journal du Dimanche. Only 1% of the panel interviewed did not comment. Supporters of a soft stop is at 74% of supporters of the Socialist Party, the Greens 61% and 37% of the UMP.

The German example

The gradual change of mentality of the French would not only result from the shock wave caused by the nuclear disaster in Japan, but also that of the German decision to phase out nuclear energy by 2022.Last Monday, German Chancellor Angela Merkel, under pressure from Germany's Green Party, announced his decision to close the 17 German plants, within 10 years.

What might convince a few more French, interviewed after the announcement, the possibility for a developed country to live without this source of energy. Still, the German and French positions are far from comparable, France still produces 73% of its electricity by nuclear power, against 25% in Germany easy payday loans.

Stating his position on this issue, François Hollande, Socialist Party MP and the Corrèze Socialist candidate primary, moved elsewhere, always in the JDD, reduced initially by 75% to 50% dependence on French nuclear. For its part, Europe Ecology-The Greens called for a total abandonment of the atom.Final lesson revealed by the survey on Sunday, if the government is opposed to nuclear stopping, the UMP adhere less to this position, 55% of them sharing the wishes of their fellow citizens. These supporters are nonetheless the most pro-nuclear, with 37% of them advocating the continuation of nuclear program, and construction of new plants.

The state park is also hexagonal become less important to the French. Surprisingly, the hostility to nuclear power is indeed associated with the expression of any concern on the part of the French against nuclear sites. In total, 55% report little or not at all concerned about nuclear power, while only 44% a month ago.

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Bulky Bin Hamman and Warner
Except turnaround unlikely, Sepp Blatter was re-elected for the third time as President of FIFA in Zurich Wednesday. It is not difficult to predict because the Swiss, who directs the proceedings since 1998, is the only candidate since the withdrawal this weekend in his last opponent, Qatari Mohamed bin Hammam. A forced withdrawal and the scent of scandal. President of the Asian Confederation, Ben Hamman has indeed been provisionally suspended by the Ethics Committee of FIFA because of suspicions of corruption against him. Jack Warner, CONCACAF President, Vice-President of FIFA, and support shown by Ben Hamman was also temporarily suspended for the same reasons. The two men are suspected of attempting to buy the votes of the Caribbean Confederation (CFU), which they strongly refute."I deny the allegations that I made statements to the CFU on donations from Mr. Bin Hammam," asserted Jack Warner in a statement while saying, however that "in Miami, the Congress of the Concacaf May 3, Mr Blatter had donated one million dollars to our federation, "without the consent of the finance committee of FIFA.

A gift for which an investigation had been opened before it was quickly closed by the money outright Blatter any accusation of corruption by the Ethics Commission. A past president quickly cleared and a final opponent suspended, the unfolding of events may leave pensive and may suggest that FIFA is the realm of small arrangements. Especially when the case comes just weeks after revelations of the British weekly Sunday Times about the allocation of World Cup 2022 in Qatar.Especially so when a vice-president of FIFA accredits these revelations by making public the contents of an email sent by Jerome Valcke, FIFA general secretary and confidant of Blatter. "For MBH (Editor's note: Mohamed Bin Hamman), I've never understood why he was entering the race. Or so he thought that one can buy FIFA as the Qataris have purchased the World Cup, "Valcke reportedly wrote in an email sent to Warner!

Blatter on the royal road
A blow to Blatter camp when the Swiss campaigned on a zero tolerance towards corruption.But Jerome Valcke has justified his writings stating that "it can happen to employ a less formal tone when I use this medium which by its nature, encourages exchanges" lighter "than other forms correspondence "and that" in referring to the FIFA World Cup 2022 in this e-mail, I wanted to highlight that the future host country had used its financial strength to rally much support (…) I n 'I at no time refers to the buying of votes or any behavior inconsistent with the rules of ethics. "Sepp Blatter, he is right in his boots remained Monday at a press conference in emergency to try to extinguish the many fires in the house FIFA.

"We must fight the demons, there's a bad situation, but there will be an elective congress on Wednesday and the family of football, if it wants to restore the credibility of FIFA, can do with me," Blatter said, refusing to evoke the decisions of the Commission on Ethics ("I'm not allowed to comment") and denying the existence of a crisis within the federation he heads ("football is not crisis when we see the final of the Champions League, he just some difficulty "). So everything is for the best in the best of worlds for Blatter whose reelection is no longer any doubt.Because on the eve of polling, it is unclear how the appeal of Bin Hamman, the request for postponement of the FA made on Tuesday or calls for reform from places like Australia (Editor's note: England and Australia respectively were candidates to host the World Cups 2018 and 2022), could prevent the Swiss to begin a fourth term. Starting what happens under the sign of the scandal …