International Headlines and Stories

The Fillon II plan to reduce deficits of France to be unveiled in late morning, after an extraordinary cabinet meeting. After an initial savings package of 11 billion euros announced in late August, the Prime Minister must present a new program of 8 to 10 billion savings this year and an acceleration of restrictions until 2016. With the objective, the balance of public finances in this horizon. Nicolas Sarkozy and François Fillon met yesterday to finalize the new plan.

The government should give priority to savings at risk for unpopular measures. The legal age of retirement could be increased to include 62 years from 2016 or 2017, when the reform was originally scheduled for 2018.Prime Minister Francois Fillon will return to this plan tonight during the 20-hour television news on TF1.

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"Austerity: new tracks government

In the past, finding a cheap and low cost health insurance posed problems to a lot of people in terms of availability and cost.

In purchasing real estate, the French would have become more opportunistic. This is reflected in a survey of the Land Bank published this Saturday in Le Parisien-Aujourd'hui en France, on Saturday. The study found that nearly two-thirds of the French advance will realize a capital gain tax at the time to buy an apartment. Thirty years ago, they were a little less than half. "In 2010, 22% of buyers formulate their intention to sell as soon as possible, against 4.2% in 1980," said the newspaper Deletré Bruno, general manager of Crédit Foncier. The desire to stop paying rent and security always have a home are the main motivations for first-time buyers that are what the generations (over 90% of respondents).The survey was conducted among four generations of first-time buyers (1620 people in total) signed a loan with Land Bank.

"Buyers more opportunistic and strategic"

To the general manager of Crédit Foncier, today's generation is more "strategic" than their elders who could probably more easily buy a long-term bad credit pay day loans. "We are faced with more opportunistic buyers, which are placed on a financial and strategic option," he said. Today's buyers who have experienced a doubling of prices in ten years are more responsive to market conditions according to this survey (75% against 66% for buyers of the 2000s) but not more concerned than previous generations to build a retirement investment (on average, between 71% and 72% by generation).

In this context of rising prices, buyers today feel more proud to own (67% against 54% for generation 2000). Generation in 2000, helped by a favorable economic environment, expressed "most satisfied", the buyers of the 1990s say they are "reasonable" and those of the 1980s put forward the "sacrifices" made to repay the loan.

Signs of renewed confidence in the euro area is growing. At a time when international financial markets reflected the colors, the single currency rises against major currencies. The euro stabilized early this morning above the threshold of 1.38 to 1.3808 dollars against 1.3617 dollars just yesterday, its highest level since Sept. 16. The euro also advanced against the Japanese currency to 106.52 yen against 104.52 yen a day earlier.

This rise of the single currency is a sign, according to one analyst, "the market seems a little more optimistic." In fact, for several weeks and an acute crisis on debt, the euro was more the subject of a "massive unwinding of positions."

Investors continue to regain confidence in the idea of ​​a solution to the debt crisis.Policymakers ensure that the enlargement of the European financial stability will be ratified soon, Slovakia should indeed turn around in a new vote tomorrow. What can the countries of the euro area together to help troubled banks to recapitalize, to avoid the bankruptcy of an institution that could create a systemic shock.

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"The Paris Bourse is back on the rise

"Europe prepares its banks to a shock on Greek debt

Warren Buffett returned to the Tax imposed on it wishes to super rich. In a letter to an elected Republican congressman, Tim Huelskample, billionaire furnish in support of his argument precise details of income and tax it performs.

The third richest man in the world it reveals an annual income of $ 62.8 million in 2010. But thanks to various deductions which it benefits, taxable income does not exceed $ 39.8 million, he had already made clear this summer, so he paid $ 6.9 million in U.S. Treasury as 2011au the tax. Either a tax rate of 17.3%, lower than that fulfill many Americans from the middle class, including his secretary, said, according to AFP, the billionaire in a letter dated Tuesday.

Call for Rupert Murdoch

Warren Buffett, who supports the Obama administration's desire to impose more richer to reduce the U.S. deficit, has also urged his countrymen to publish very easy to turn their tax form no fax cash loans. "It is clear that many ultra rich pay even lower percentages than me on the federal government, and get the amount of taxes could be useful to legislators to establish a fair tax code," he wrote to Tim Huelskamp.

Warren Buffett had called last week Rupert Murdoch, owner of the Wall Street Journal, to publish its tax-bill, after the publication of an editorial highly critical of the "Buffett tax" in the popular business daily.

A report published on October 7 by the Office of the U.S. Congress is in support of the speech of Warren Buffett.According to the report, 25% of American millionaires, or 94,500 people actually pay less tax than the 10.4 million households earning less than $ 100,000 a year. On average, however, the millionaires perform according to the report of a tax rate of 30% when these middle-class households are taxed at only 19%.

A new week high voltage for Greece and the euro area. In fact, Sunday, the International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros of the loan in May 2010 , aid became vital for the country. The CEO of the institution, Christine Lagarde, has indeed met the Greek Finance Minister Evangelos Venizelos on Sunday to discuss the conditions for the return of the IMF in the country to complete the fifth audit of the Greek economic program. The mission "will certainly place this week," said Fund.

In parallel, Evangelos Venizelos, the Greek finance minister, yesterday met with Jean-Claude Trichet, head of the ECB, to negotiate a restructuring of the Greek debt at a discount of between 40% and 50%.The minister said that "there is no alternative to restructuring." He said at the annual meeting of the Institute of International Finance (IIF), an association of 450 banks in the world: "We are ready to take the necessary whatever the political cost." And said it was confident about the outcome of the vote in parliament of the new austerity plan, condition of the granting of new loans of the troika, because according to him "which member will take responsibility to lead Greece to a default? ".

Germany mobilized

A view shared by the French Minister for European Affairs, Jean Leonetti, who said Sunday that "Greece will avoid bankruptcy because it is the interest of the Greek state, the Greek people and is the interest of us all.If Greece were to fail tomorrow, it would cost more than if it did not go bankrupt, "he said on Radio France International business card.

The Heads of State and Government in July found an agreement to rescue Greece and broaden the scope of intervention of the relief fund of the zone (EFSF), including providing it with an instrument enabling it to market purchases of debt of states in difficulty. This agreement is being ratified by 17 national parliaments in the area. The vote of Germany, the country is the biggest contributor to EU aid plans appear on track.In a television interview Sunday night, German Chancellor Angela Merkel has indeed shown the outcome of the confidence vote scheduled Thursday in the Bundestag.

In addition, the German Chancellor said that allowing Greece to fail would destroy investor confidence in the euro area and could cause infection comparable to that following the collapse of Lehman Brothers in 2008.

The rising social discontent in Greece

But Greece will probably have to wait beyond the holding of a Eurogroup meeting on Oct. 3 before a decision on the release of the next tranche of aid."Given the delay by the Troika mission (IMF, ECB and European Commission), I do not think that the next meeting of the Eurogroup, October 3, a decision on the sixth installment," said Sunday Washington Deputy German Finance Minister, Jörg Asmussen

In addition, the rising social discontent in Greece. Further strikes are planned next week before a general strike on October 19.

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"Europeans are ready to strengthen the Stability Fund

Christine Lagarde has not found his dream home in Washington. Arrive early July to head the International Monetary Fund (IMF), she still lives temporarily in a furnished apartment, close to his office. "Initially, I looked pretty houses in the neighborhood of Georgetown, but I realized it would be impractical and it was better to look for an apartment. Now I prospect in areas not too far from my office, "said Le Figaro the new executive director of the monetary institution. "I have a pool, but not just to bathe. A pool where we could really swim … I have not taken a subscription to a sports club, but in my building there is a proper gym, "says the former champion synchronized swimming enthusiast – disciplined – physical exercise daily.

Since joining the IMF, it has worked and has not been able to enjoy a city that is much changed since she lived there in 1974, when she spent a year at a time of joy and studious the benches of the Holton-Arms School, a school for girls located in the posh western suburb. "In my new life in Washington, the work never stops. But the restaurants are ten times better than what I experienced, "It has already his favorites:" the canteen of the IMF and the Blue Duck Tavern at the Hyatt. " However, between briefings, seminars with the teams of the Fund that it must learn about his travels to London to Marseille for the G7 and Jackson Hole (Wyoming) for a symposium of central bankers to prepare his speeches and conversations with senior business leaders from every continent, Christine Lagarde has had little time to breathe.Those close to him are even already looking a little tired …

She will not rest this week as the annual meetings of the IMF and World Bank are converging towards his office finance ministers and heads of central banks in 187 countries. For several days she prepares for the event. Moments of summer vacation between Marseille and Corsica with her partner, Xavier Giocanti may have seemed far away. To complicate matters, the latter, who founded his company in France, will not live with her in Washington. "He loves the U.S. capital. But his work is in the south of France. He promised to arrange to come one week per month. I also want it with me in some missions abroad, "says the former French Minister.This rate, "is it better than their last weekend aborted by meetings at the Elysee on Sunday afternoon?" Asks one close to the couple.

Critical time

Christine Lagarde did not wait two and half months to start to make its mark and recommend solutions to the crisis. In late August, on the occasion of his first major intervention in Jackson Hole, she took against the established European friends who have yet worked to his appointment in June She has dared to advocate for a rapid strengthening of bank capital of the Old Continent, as required by public money. Taking up the old refrain of the IMF, the former "good soldier" of Nicolas Sarkozy marked its independence vis-à-vis his former boss.Showing how far is now the time in his office in Bercy, when not agree with a decision of the Élysée, she smiled, gritted his teeth and let go … "is the head of State decides "*.

This position, criticized by many European officials, but in line with IMF recommendations for months, proved that the new patron of the institution was not, as some suspect, "the elegant performing" chosen by old European countries in crisis to justify their monopoly once more become anachronistic in the direction of the IMF. Even the laudatory article in the American edition of Vogue magazine in September of Christine Lagarde said that his French elegance accompanied by substance, "Lagarde is as natural, open and very feminine.His way of being simple, clear it rose through the ranks through his work seriously, not because of its ability to attract, "says the prestigious fashion publication. This is the first time a director of the IMF in Vogue poses cross-legged on a couch. Some saw a dim, fast debt crisis in Europe. But now that clears a little sordid chronicle by the New York tabloids and sexual exploits of his predecessor.

In his office on the 12th floor of the concrete block that is the IMF headquarters, Christine Lagarde strives to maintain at all times smile and kindness that are his trademark. However, she also knows that this is not that quality be the judge.Some leading experts in the world of high finance, as Simon Johnson and Raghuram Rajan, former chief economist of the IMF expressed concern that "non-economist" is selected for this feature to a critical time. It can be a handicap in an institution with more than doctors in economics per square meter than any other. Eager to rectify this perception, she was quick to declare taking office in early July: "I'm not going to brag about my qualifications or my lack of qualifications. The proof of the quality of the pudding is measured by how it is enjoyed by those who eat it, as the saying goes. I come with an open mind, with my ability to manage, leverage resources and my desire to help as many people as possible to the decisions and solutions … I will ask many questions.I will evaluate and I'll rely on the advice of those who know their sector. Without wishing to poets, all conductors can not play the piano, harp, violin and cello. I will try to be a good conductor. "To Christine Lagarde, the concert starts this week.

As shown in the tone of his speech a few days before the Royal Institute for International Affairs in London, Woodrow Wilson Center in Washington or on the financial news channel CNBC, the CEO wants to politely shake the leaders of the world, push for action to prevent a relapse into recession generally. Barack Obama, which she first received a phone call late August, requires only that.His plan to revive the use is consistent with IMF recommendations: do not cut right away in public spending.

His recent media offensive, the contrast between the start humiliating DSK, which has placed the IMF on the front page of American newspapers, not to mention the seriousness of the economic situation, are all eyes are on her. Not just those of "Planet Finance." "I am no longer anonymous to Washington. Many people recognize me on the streets and shops. The youngest often ask me to pose with them for a photo. And taxi drivers spotted me right away, "says she honestly.

It is too early to say whether it will be "Keynesian" or "monetarist". But in style, some have noted its refreshing approach in the austere environment of the IMF."I do not know if his style is a little sixteenth arrondissement, or if it is his sincere desire to be considerate towards its employees, but it is very human … I saw her invited to eat at his table his bodyguards after long hours of work, "says one observer. I must say that – status of the Fund requires – one of his bodyguards Bercy could follow. Not even his faithful collaborator for eighteen years, Sonia, who had started with her at Baker & McKenzie and on which it could rely at all times. Being a "woman power" always has a price …

* In "Christine Lagarde: investigation of the most powerful woman in the world," Cyril and Mary LACHEVRE Visot (Editions Michel Lafon).

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After two sessions of gains, the Paris Bourse off again into negative territory on Friday and gives up 1.69% to 3033.78 points to 11:50. London and Frankfurt follow with respective losses of 0.73% and 1.25%.

The banking sector raises again the concerns of investors. They accentuate its losses from the statements of Christine Lagarde whereby a liquidity crisis could not be ruled out and that some banks needed additional capital. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.

Result: Societe Generale falling again to 6.43% to 18.25 euros and signed the largest decrease in the CAC.Behind her, Crédit Agricole loose 5.05% to 5.62 euros, Natixis 4.57% to 2.48 euros, BNP Paribas 4.28% to 30.85 euros and 3.96% at Axa 9.76 euros.

Obama's plan is not reassuring

Investors also unenthusiastic welcome details of the plan for employment unveiled by U.S. President Barack Obama in the night. He introduced a bill on the release of 447 billion dollars for the Americans out of unemployment. "This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

As in Asia this morning, traders seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote.Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

As Wall Street yesterday, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and jobs last night. The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears. This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.

Inflation slows in China

Still on macroeconomic, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized.This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6 no checking account payday advance.2% in August. Industrial production is she up 13.5% in August.

In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .

On the agenda are also on Friday, stocks of wholesalers in the United States.

As for currencies, the euro has stabilized under $ 1.40, to 1.3896 dollar.Oil rises on the other hand, supported by a surprise drop in U.S. inventories. In early electronic trading, a barrel of "light sweet crude" for delivery in October gained 23 cents to 89.28 dollars per barrel of Brent North Sea crude for October delivery 21 cents to 114.76 dollars.

Values ​​to follow

• TF1 (-4.3%), M6 (-2.25%) Bolloré (0.8%), Vivendi (-1.1%); NextRadioTV (-1.4%)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (0.9%) signed the largest increase

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (1.81%)

The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-0.33%)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-1.7%)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (+0.8%) on the second step of the podium

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

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Essilor International is innovative. According to the global glasses, "75% of wearers expect an anti-fog solution." To meet this demand, the group decided to create anti-fog lenses under the name of Optifog. This new "represents a disruptive technology," with a "layer with hydrophilic properties," said Essilor. With this new product, which is "all continents", Essilor International is "1.2 billion consumers worldwide."

Results aside, the mood is set fair. The group recorded the first half revenues up 6.9% to 2.06 billion euros and net profit up 30.7% to 258.2 million euros. Adjusted net income per share was 1.25 euro, up 9.3%.

Essilor attributed these results to the "increase in volumes related to the expansion strategy in high growth markets, the rapid development of the supply in the mid-range" and the "growth of industrial investment."

Context "increasingly uncertain"

These performances allow the group to maintain its growth objectives in sales "between 6% and 8%" (excluding currency and acquisitions, strategic) for this year, despite "an economic environment more uncertain." Essilor also wants to maintain the high level of profitability, excluding strategic acquisitions.

The specialist in ophthalmic optics says it "will continue to rely on innovation, operational efficiency and financial capacity to consolidate its position in the high end."The group also intends to "continue its conquest in the mid-range and benefit from the rapid expansion of high-growth countries."

At the Paris Bourse, this news is greeted coldly. In early trade, the title Essilor loses 0.11% to 53.07 euros in a market down 0.05%.

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After the storm that plunged all the stock exchanges, the European shares rebound on Thursday. In Paris the CAC 40 index opened up 2.96% to 3092.16 points. Same trend in Frankfurt the Dax rose 2.81% to 5771.21 points and in London the FTSE 100 opened up over 2% to 5118.29 points. Appeasement was already felt in the Asian stock markets that are returned to the green or showed moderate declines.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London.Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq.

Bank stocks monitored

Gold continues, meanwhile, fly from record to record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Trading in Societe Generale jumped nearly 9% to 24.16 euros after being suspended briefly at the opening. The title was unscrewed from 14.74% on Wednesday. The bank asked the AMF to investigate the origin of the rumors that have depressed its course Same day payday loans. The CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas (2.98% to 36.67 euros) and Credit Agricole (5.68% to 6.418 euros) rebounded Wednesday after falling by 9.5% and 11.8%.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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"Paris Bourse: 70 billion evaporated in five sessions

The 3700 points in the viewfinder will be investors in the Paris Stock Exchange on Wednesday. Yesterday, the Paris has managed to recover, ending on a rise of 1.21% to 3694 points. Operators should be encouraged by the good performance of U.S. markets, driven by advances in parliamentary negotiations in the United States for raising the ceiling on the debt. President Barack Obama for the first time reported "progress" in this debate, adding that the new Senate plan, presented Tuesday, was "consistent" in its approach. The Chairman stressed however that "not much time" before the deadline of August 2 to avoid a default. Wall Street was also good indicators for rasurée and industrial results better than expected.Asian markets were also sending positive signals this morning.

Time, however, should still be prudent on the eve of a crucial European summit for the future of the euro area. The heads of state are to meet Thursday in Brussels to discuss the bailout of Greece. Several proposals for involving the private sector are on the table.

In addition to this news, investors will learn in sales of existing homes and oil stocks in the United States. On the currency side, the euro is still down slightly against the greenback at 1.4139 dollar.Oil is, him up: a barrel of "light sweet crude" for delivery in August takes 80 cents to 98.30 dollars and that of Brent North Sea crude for September delivery gained 69 cents to 117.75 dollars .

Values ​​to follow

Havas

The advertising group has announced the acquisition of a majority stake in the Australian Host, the first independent agency of the country, for an undisclosed sum.

Saffron

Tuesday the group received the green light from Washington for the purchase of American specialist of biometrics L-1 Identity Solutions. The agreement was announced last September for $ 1.1 billion in cash.

Laurent-Perrier

The group announced Wednesday an increase of 11.5% of its turnover in the first quarter thanks to a mix effect prices soaring and exports still strong.

Accor

The group was optimistic Tuesday in announcing an acceleration of organic growth in the second quarter due to increased occupancy rates and the gradual recovery of prices.

ADP

The group announced a 4.6% increase in passenger traffic at its airports in June, driven by growth across all trajectories with the exception of Africa and the Middle East.

PPR

Fnac, a subsidiary of luxury group, unveiled Tuesday a five-year strategic plan, called "Fnac 2015", which should enable it to boost sales after a disappointing performance.

EADS

Boeing, seeking to rescue a potentially very large contract with American Airlines, has offered to install a new engine on the current 737, while the airline is still considering a generous offer to Airbus. Moreover, the French military shipbuilder DCNS said Wednesday negotiate with the German Atlas Electronik the creation of a joint venture between their respective activities of underwater weapons, confirming a report in Les Echos. Atlas Elektronik is owned by EADS and ThyssenKrupp.

Biomerieux

The group announced the acquisition of French company Argene Molecular Biology and confirmed the objective of growth of its business year after an increase of 3.5% of its turnover in the first half of 2011.

Sanofi-Aventis

The Canadian Valeant Pharmaceuticals announced yesterday the signing of an agreement to buy the French laboratory marketing rights and distribution in Canada of a cream against osteoarthritis.

Manitou

The group raised its forecast Tuesday for 2011 after signing up 45% of its turnover in the first half despite the continuing difficulties of supply.

Always on the side of publications, sales of the first quarter of Alstom and the second quarter of Medica are expected before the market opens.After market, Unibail will present its second quarter results and Ubisoft will announce its earnings for the first quarter 2011-2012.