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Wall Street, which closed on a sharp decline yesterday was unable to rebound in a market still worried by the European public debt. The Dow Jones gained 0.22%. In contrast, the Nasdaq lost 0.60% to 2572.50 points and the S & P 500 shows a symbolic drop of 0.04% to 1215.65 points.

Expectations about the ECB

The new president of the institution, Mario Draghi said on Friday that the first objective of the ECB is price stability. "Our credibility implies the success of our monetary policy is to anchor inflation expectations in the medium and long term," he said. According to traders, however, the ECB would have repurchased Italian debt on the secondary market. According to the German press, it would also quietly imposed a weekly limit of twenty billion euros for its purchases quick cash.

For the Hexagon, the relaxation appears to operate slowly. The spread between 10-year German and French this morning narrowed to 169 basis points against more than 200 yesterday.

Greece has in turn lowered the deficit target for next year, to 5.4% of gross domestic product (GDP), after 9% in 2011. The draft budget was initially a difference between revenue and expenditure of 6.8%.

"The euro area is becoming increasingly moribund," says the broker IG Markets in a note. He also adds that the situation on the interbank market is deteriorating, creating an "ultimate stress" on the stock exchanges.

"We want to protect the French against the serious problems facing other European countries." In presenting its additional measures of austerity, Prime Minister Francois Fillon has placed France in the context of financial panic that hit the euro area. "The word bankruptcy is no longer an abstract word," he stressed, pointing between the lines he had himself used the term taboo in 2007.

The French will have to resolve "some sacrifices," warned the Prime Minister, "so you do not have to take one day a policy imposed by others." Without naming them, the Prime Minister of the finger tip by the danger of pressure from rating agencies threatening to lower the AAA rating of France.

The extra effort is 18.6 billion euros over the next two years, including 7 billion euros in 2012 and 11.6 billion in 2013.This acceleration, he said, "will reinforce the reform of 2010 and will decline by more than 4.4 billion accumulated deficits of pension plans between 2012 and 2016."

• The rate of income tax and of the solidarity tax on capital will be frozen for the next two years.

• Reduce the tax differential between capital and labor. The levy will be fixed up 19 to 24% to reduce the tax differential between labor income and capital. "The standard deduction will increase to 24% for dividends and interest," added the Prime Minister. The standard deduction (PFL) allows a taxpayer to pay the tax due on income from investment banking (treasury bills, interest on life insurance, etc.)..

• 500 million euros in additional savings for the state in 2012.

To save Greece from bankruptcy, the banks will have to put their hands in the pocket, and it more than expected. This was recognized by the French Ministry of Finance on Thursday. Creditor institutions of the country in trouble will "probably" erase more debt than originally agreed. European leaders are currently "working" on the issue, said Bercy.

On 21 July, the euro area has decided to ask the banks to accept a debt relief of up to 21% of their funds invested in government debt. This participation is about 50 billion euros, in addition to using the new euro 109 billion. This was torn by Berlin, while Paris was reluctant, wanting to protect its banking system.

Since the announcement, Greece has sunk even further into crisis, with growth forecast and worse than expected public deficit targets not being met. Several diplomatic sources said in recent days that European leaders are now working on discounts of around 30% to 50% on Greek debt. However, a source told Reuters in Brussels, "it is still very open. You have to see what the initial reaction of investors. Voluntary participation is the goal, at least for now, and many feel that we must avoid the risk of total failure. "

"Window" for banks

To prevent European banks from sinking while erasing part of the slate of Greece, European leaders are studying at the same time the recapitalization of the sector savings account payday advance.Bercy said Thursday that European states will open a "window" for banks would be unable to recapitalize on their own or directly in the markets. France would have wanted to use it for the European Financial Stability, established to help countries in trouble. But Germany is opposed, wanting to limit its use to countries under international infusion (Greece, Portugal, Ireland).

"French banks have no liquidity problems or solvency", held a state Department of Finance. European financial institutions that need to be recapitalized, said Bercy, are "those who failed the stress tests" released in early summer and those who have succeeded just in time. Eight banks have failed and 16 passed the examination of accuracy.Dexia, which is now being dismembered, had passed between the cracks.

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In Rome

The volatility of prices of basic foodstuffs is likely to persist and even worsen for ten years, increasing the vulnerability of the poorest farmers in the world. It is the fear of the three UN agencies responsible for combating world hunger: FAO (Food and Agriculture), WFP (World Food Programme) and IFAD (International Fund for Agricultural Development).

In their annual report on "Food Insecurity in the World", the three Rome-based agencies denounce the vagaries of international market prices easy pay day loans. "The small countries dependent on imports, particularly in Africa, are particularly affected," they note. Thirty-two countries now need to receive external assistance due to crop failures, conflict or natural disasters.

Tax soda should further fuel the coffers than expected. The new tax announced by Prime Minister Francois Fillon, as part of the austerity plan will help fill the gap of France to the tune of 370 million euros, according to information on Europe 1. Revenues exceeding 120 million originally envisaged which, according to industry increases the price of the can of a euro cent on average.

In fact, the tax has not yet been established but it has already been expanded. It could affect not only soft drinks but also all soft drinks and sweeteners, says the radio station. Previously saved, the Diet Coke, Coke Zero or mineral waters and non-alcoholic beer may ultimately be affected.

Bernard Reynes, UMP deputy of the Bouches-du-Rhone, should defend the new amendment in ten days.The new contours of the tax would have been decided by Valérie Pécresse, budget minister, Bruno Le Maire, his colleague from the House Agriculture and Bernard Reynes and Christian Jacob.

Compensates for the lower social security contributions of farmers

And as noted in Le Figaro yesterday, raising the tax would fund future lower social security contributions of farmers who come into force on 1 January 2012 fast payday loan no faxing.

The question is whether manufacturers will digest these ads. In fact, the announcement of the tax had already provoked the ire of Coca-Cola. The American firm had threatened to suspend an investment of 17 million expected next year at its plant in the Bouches-du-Rhone, then retracted, while evoking a "communication error".Only element of consolation for the food groups, the public health argument justifying the creation of a tax 'anti-obesity "has disappeared from legislation, as they wanted.

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The U.S. stock markets, should open with no real leadership on Friday. Future of Standard & Poor's 500 fell by 0.12% to 1222.10 points, while those on the Nasdaq 100 2174.75 0.01% grappillent points. The markets are still haunted by the fear of a recession in the U.S. and the crisis of public debts. Wall Street tumbled Thursday was at the end. The Dow Jones ends with a fall of more than 3%.

In an attempt to stop the stock market crash, the finance ministers and central bankers of the twenty leading economies gathered in Washington last Thursday pledged to provide "a strong and coordinated international response" to the crisis at a meeting in Washington.In a joint statement, they agreed to ensure that "banks have adequate capital" and promised to provide "the necessary liquidity" to financial institutions. But for specialists Aurel BGC, "the real decisions are referred to the Summit of Heads of State and Government to be held in Cannes, 3 and 4 November."

The Perfect Storm, the large emerging group of "Bric" were "determined to accelerate structural reforms to sustain strong growth." Brazil, Russia, India and China but also South Africa so consider "if necessary, to provide support through the IMF or other international financial institutions, to address the current challenges facing the global financial stability, according to the circumstances of each country. "The inventor of the BRIC, Jim O'Neill, chairman of Goldman Sachs Asset Management, said however that emerging markets are likely to require at least, in exchange for their support, greater clarity on how the Europe has to solve its crisis.

Gloomy outlook for world trade

In response to a request by the G20 in September addressed to Nicolas Sarkozy, the countries of the euro area have also promised to implement "necessary measures to increase the flexibility of the European Financial Stability Fund (EFSF)" to avoid contagion from the crisis in Greece. Yesterday, the possibility of a defect in Athens, though long ruled by EU leaders, was raised by Klaas Knot, Member of the Board of Governors of the European Central Bank (ECB)."This is one of the scenarios," he told the Dutch newspaper Het Financieele Dagblad.

The specter of a global recession has suddenly resurfaced after the ads pessimistic U personal loan for poor credit.S. Federal Reserve (Fed), which held that the U.S. economic recovery was "slow" and threatened by "high risk". Wednesday she has decided to sell by the end of June 2012 for $ 400 billion of treasury bills and to purchase for the same amount with a longer maturity.But the fact that it favors measures to monetary easing, a depressed market on Thursday, who sees as a sign of impotence.

New signs of abating, the World Trade Organization (WTO) revised downwards its forecast for this Friday trade growth for 2011, expecting growth of world trade by 5.8% against 6.5% forecast so far, according to its website.

On the foreign exchange market, the euro climbed slightly against the U.S. dollar: it rose on Friday by 0.57% to 1.3533 dollar. Oil prices also went up.A barrel of "light sweet crude" for delivery in November, which had tumbled more than $ 5 the day before returning 1% by mid-morning at 81.31 dollars.

The side of values, after the close of the NYSE YorkHewlett-Packard announced the replacement of Leo Apotheker as CEO from Meg Whitman, confirming the many rumors that had circulated in recent days.

At Advanced Micro Devices (AMD) is Rick Bergman Devices, responsible for products, who announced his resignation. The CEO will temporarily Rory Read office.

Covidien raised its quarterly dividend 12.5% ​​to 0.225 dollar per share.And, for its part McDonald's has increased its 15% to $ 0.7 per share.

In order to treat its shareholders well, Raytheon has authorized a stock repurchase plan of $ 2 billion.

The American manufacturer of sporting Nike has exceeded market expectations by posting yesterday after the close of U.S. markets net income for the first quarter of fiscal year up 15% to $ 645 million, driven by its Sales in North America and in emerging countries. Revenues rose 11% to $ 6.1 billion.Orders scheduled for delivery between September 2011 and January 2012 were up 16% to $ 8.5 billion.

On the occasion of a major overhaul of its website, Facebooks'est services associated with music, news and video, including Spotify, Deezer and Dailymotion, and challenge from Apple in the content.

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Canal + has crossed the Rubicon and wants to become a major player in free television in France. Thursday, the group led by Bertrand Meheut announced the takeover of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group. Initially, Canal + buys 60% stake in the TV division of Bolloré Media and awards it operational control. In three years, he may redeem the remaining shares. The operation was buckled in 48 hours! "I know and appreciate for a long time the leaders of Vivendi, Jean-René Fourtou and Jean-Bernard Levy, and Bertrand Meheut, CEO of Canal +. I am very pleased to be associated with such a good team, "said Vincent Bollore, Bollore Group CEO.

Gone are the days when the giants were the audiovisual respect the Yalta on TV: TF1 and M6 to the largest piece of the free TV, Canal + in the world of pay-TV and its 11 million subscribers. In France, the two families have substantially the same size: just over 3 billion euros for free TV financed by advertising and about $ 4 billion to pay.

After struggling for years to ensure a near-monopoly on pay TV (up to buy its rival TPS), it will not take long to Bertrand Meheut to tumble into force on the television commercial. Now a subsidiary of Vivendi will have three frequencies of DTT: iTV, Direct 8 Direct and Star. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For Bertrand Meheut, this operation meets the logic of "creating strong audiovisual groups able to defend themselves both on the live broadcast on the non-linear over the Internet. This will increase the value of our programs will experience an exclusive first exhibition in pay and free TV in a second. And pay-TV business is our heart. "

465 million for Bolloré

If this sounds like a declaration of war groups TF1 and M6, the marginalized, at the same time, the few independent French media landscape, and BFMTV NRJ12. With the launch of DTT in 2005, the Higher Audiovisual Council wanted to bring new players in the PAF: Bolloré Group AB, NextRadioTV and NRJ Group. But since the first two have sold their frequencies. Claude Berda NT1 and TMC has given its ally TF1.Bolloré sells Direct 8 Direct and Star in Canal +. The two remaining independent are the big losers. For its part, Bolloré Media made a good deal. Since 2005 he has invested hundreds of millions of euros in Live 8 and 70 million euros for the acquisition of Direct Star. Five years later, it enhances its flagship TV to 465 million euros! The channel Direct 8, mini-general, would be about 350 to 400 million euros. Direct Star would be a hundred. "We have successfully completed the first phase by creating Direct 8 from scratch and placing it among the first of TNT. But for the second phase, which will see all the media groups to engage in significant competition on the content, we decided to partner with a large broadcasting group, "said Vincent Bolloré.The myth of an audiovisual largely open to competition turns into a clash between three private-TF1, M6 and Canal + – and a public group, France Televisions. With their financial firepower, the first three will fight a war without thank you for the acquisition of content.

Add to this a sharp competition for advertising. Canal + now has a board weighing 400 million. Bertrand Meheut is trying to calm things down by stating that "this partnership does not change the industrial landscape, since we are in the continuity of existing channels. We are small in this market for free TV. " He recalled that "TF1 and M6 are, conversely, present in the pay television."It is unclear whether this is enough to calm things down, because, at the same time, the president of Canal Plus says it does not want to "abandon its free channel Canal 20" under channel offset. In this case, Canal +, which exceeds the number of authorized frequencies (maximum seven), should sell two. "It will sell certain frequencies paying," he says. The chain may be referred planet, present on the DTT.

This comes on the eve of the presentation of the report of Michel Boyon, president of CSA, the future of DTT. It is now a fait accompli. The media landscape is recomposed without him. If Canal + bought Direct 8 Direct and Star, the future of DTT is widely drawn. The TF1 group is in a strong position to demand not only the transfer of its news channel LCI of DTT (where it is marginalized) to DTT.But Nonce Paolini, CEO of TF1, claim compensation as a string, which should be TV Breizh. For its part, the M6, if he will not be weakened, will support its claims. He also wants to transform its pay DTT channel Paris Première chain free. And he also wants compensatory chain among its two projects WikiTV M6 family.

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It is the obsession with Canal +: extend its influence in pay-TV to air TV. End of March 2011, Bertrand Meheut, the head of Canal + had already thrown a cat among the pigeons by announcing in an interview with Le Figaro, his intention to seek compensation as a string, a string called Canal20 clear. Faced with the outcry, Canal + has quickly realized that it should not depend on permission of the High Council for Audiovisual (CSA) to achieve its ends.

He immediately decided to buy a place on the DTT. The alloy of choice is called Vincent Bolloré. He owns two free DTT channels: Direct 8 Direct and Star. Spurred on by his son Yannick Bolloré, the two chains have met with great success and they account for 4% of the national audience.Better, Live 8 has achieved financial balance and Direct Star is expected soon.

The two groups should join forces. Canal + take 60% stake in Bolloré Media would be valued on the basis of 465 million euros. Canal + would have the option to buy the remaining 40% in three years. Backed by the powerful group Canal +, Direct 8 mini general may proceed directly compete with the two leaders of TNT, TMC (subsidiary of TF1) and the chain W9 (a subsidiary of M6). Five years after the launch of DTT with the will of governments to expand the fields of competition, the French media landscape will soon be reduced to a battle with four: TF1, M6, Canal + and France Televisions.

In full literary season, one of the most prominent publishers in France attacked the sale of books online to be moved by the alarming situation of independent bookstores. Last Wednesday, one of Europe, the head of Editions Stock (Hachette), Jean-Marc Roberts, explained that "thirty years ago, Jerome Lindon (former director of Editions de Minuit, Ed) fought for the single price of the book. Today, you have to fight for the place unique. The unique place is the library, it is not selling online, "before concluding that online sales would eventually" turn the true player of his publisher, and thus the literature. "

These remarks created a controversy on the Web, Jean-Marc Roberts suggesting that he wanted to ban the sale online. Which would penalize those who can not be isolated in a bookstore, have carried on bloggers and Internet forums."I never said this, says Jean-Marc Roberts. When I spoke to one place, I mean a unique place, where a librarian will welcome you and advise you by offering you a choice. "The editor is concerned rather the effects of the Internet on the sale of books, considering that the electronic platforms sell mostly best-sellers and give them free rein is like killing independent booksellers. "Piracy, which killed the drive and the DVD will also kill the book," he warns.

Call to federate

The market, up slightly since January, however, is supported by online sales, which offset the fall in activity clubs and shops. But the prospect of take-off of e-book is beginning to panic. In 2010 the United States, it accounted for 6.4% of book purchases, according to Futuresource Consulting.Against 0.6% in 2008 …

In late July, a campaign in the press called readers find their way to bookstores in large economic difficulties. A study by Xerfi prognostic closing altogether for those who make less than a million euros of turnover.

Jean-Marc Roberts, the online sale is also a threat for large libraries, which he believes the only way to exist for new authors. The editor invites citizens to continue to travel in their bookstores.

Faced with the giants, Amazon or Fnac, he urges independent booksellers, with the help of publishers, to federate to join the Web and also provide offers quality, modeled on the work already done by the library Dialogues in Brest.

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The Paris Bourse is playing in the optimism of the Assumption holiday Monday. The CAC 40, which began on the exchange increased by 1.07% to 3248.14 points, first slowed his progress before falling into the red at midday. Around 1:10 p.m., the Paris index recovers, and confirms its progress shortly before 17 hours: the CAC 40 gained more than 1% to 3246.32 points.

The movement is the same in the rest of Europe. After opening sharply higher, European stock markets have slowed their progress mid-day before returning to the colors. The London Stock Exchange gained 0.81%, 1.11% Frankfurt. After falling into the red, Madrid gained 0.88%. Exchanges of Milan, Lisbon and Athens are closed due to holiday.

No Eurobonds on the menu Tuesday's markets are very nervous before Tuesday's meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel.They must discuss reform of the governance of the euro area, sensitive issue for the markets. The Franco-German promises to make such joint proposals by the end of the summer. Investors are calling for the creation of "Eurobonds", which would sign the pooling of public debt in the euro area. But Germany has dampened hopes by mid-morning by announcing that the possible creation of common obligations to countries in the euro area "will play no role" at the meeting on Tuesday. "The Euro-bonds are not an option," added the spokesman of the Ministry of Finance during a press conference.The Elysee in a few minutes later confirmed that the issue of Eurobonds was "not on the agenda."

Meanwhile, the British Finance Minister, George Osborne, today called the euro area to move towards a more integrated budget to bring the world economy on the path of trust. The euro area "must now demonstrate its commitment to greater integration of budget and governance arrangements that prevent moral hazard and reinforce fiscal responsibility," said he.

In addition, the European Commissioner for Economic Affairs Olli Rehn called on European countries to adopt "very quickly" the decisions of July 21, and provided that the applicants were working "day and night" to this.

The next publication, this Monday will be very light. On the agenda are the indices of activity of the New York Fed and the real estate market across the Atlantic.

The bank-shaped

On the corporate side, Societe Generale (2.92% to 25.01 euros) will be followed. The Financial Markets Authority (AMF) initiated an investigation of market rumors that circulated this week on Societe Generale, announced Friday its president Jean-Pierre Jouyet.

The banking sector is well oriented. Natixis is the largest increase of ACC (3.95% to 3.23 euros). Credit Agricole gained 3.54% to 6.75 euros, BNP Paribas rises from 3.22% to 38.42 euros, ahead of Axa 2.43% to 11.18 euros.

France Telecom (0.81% to 13.14 euros): the telephone operator Orange has unveiled some clues on the future model of the iPhone Appel keeps top secret.

GDF Suez (0.94% to 20.95 euros) has initiated "discussions" to sell its stake from 10.4% in the West Franklin field in the North Sea, the French energy group intends to transfer for 600 million euros.

Alstom (-0.55% to 32.44 euros): Goldman Sachs rose to "neutral" on the title with a price target reduced to 43 against 52 euros.

Danone (-0.55% to 46.08 euros): UniCredit has raised its rating to "buy" against "hold".