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Indecision on the Paris Bourse. After opening sharply higher the CAC 40 has erased most of its gains and slipped into the red. By mid-afternoon he sails around the equilibrium (-0.15% to 2816.50 points). The technical rebound was short-lived deal with a series of bad news from the euro area. . As the day they are still unable to overcome their fears about the outcome of the crisis.

The 10-year rate bonds of Italy is back above 7% in the afternoon, a rate close to its record, while Paris, Rome and Berlin have pledged not to touch the independence of the European Central Bank (ECB) in a mini-summit in Strasbourg guaranteed approval cash loans.

By late morning, Fitch lowered the rating by one notch from Portugal, to "BB +" from "BBB-". The agency has imposed its new rating a negative outlook.

U.S. banks are "facing a high risk 'of deterioration in their credit rating in case of worsening of the debt crisis in the euro area, Fitch launched last night. Markets, the reaction was immediate: Morgan Stanley tumbled nearly 8%, Goldman Sachs 4.2% 4.1% Citigroup, JPMorgan Chase and Bank of America 3.7%, and Wells Fargo 1.4% against a decline of 1.58% for the benchmark, the Dow Jones.

The influential rating agency estimates that "unless the crisis in the euro area is resolved in time and in a sustainable manner, the credit outlook of the banking sector should be degraded." And Fitch added that if the institution's exposures to the U.S. European debts are manageable, "an amplification of contagion is a real problem."

On the occasion of the presentation of its results for the third quarter, Francois Perol, the Director General of BPCE, warned against the escalation of capital requirements for banks in times of economic downturn.

LE FIGARO recent months have been difficult for the banks. How did the group BPCE, you just announced quarterly results?

François Pérol We are pleased with the dynamics shown by our core businesses, in an actually difficult. It results in an increase of 3.4% of our revenues in the third quarter. Commercial banking, including People's Bank and Savings Bank, but also the Land Bank and Banque Palatine, show satisfactory activity, while Natixis has limited the decline in its net banking income of its business from heart to 9% in the quarter and it is up slightly over nine months.The increase in recurring income of the group is strong since the beginning of the year. However, in the third quarter, we have of course been affected by the depreciation of our Greek sovereign debt, we have increased to 60% of their value. The impact of 507 million euros after tax, which reduced our quarterly net income group share to 332 million euros.

Have you reduced, like other banks, your exposure to sovereign debt in the euro area?

Our exposure is already low. We have 3.2 billion euros of Irish government bonds, Portuguese, Spanish and Italian, Greek debt off our liability. Terms of private sector participation was announced October 27 as part of the EU summit would represent a major effort for us 867 million of provisions from the beginning of the year as for all banks.

Asian markets see red on Tuesday, like their American and European counterparts. After a brief period of optimism following the European Agreement on the debt control, "the market's attention is focused on implementing the plan, wondering when banks will be recapitalized and if additional funds can be allocated to the European financial stability, "said Kazuhiro Takahashi, broker at Daiwa Securities, quoted by Dow Jones Newswires.

The Tokyo Stock Exchange and ended the session down sharply from 1.70% to 8835.52 points. The broader Topix index has in turn yielded 1.25% to 754.50 points. In Japan, the export sector still suffers from a weak yen against the dollar only after direct intervention from the Japanese government on the foreign exchange market to weaken the outbreak of the currency.On Tuesday, the dollar stood at just above 78 yen and the euro around 108 yen, well below their value on Monday. "We are engaged in a war of nerves" with speculators, said Japanese Finance Minister Jun Azumi at a press conference.

Toyota lost 1.82%, Mitsubishi and Nissan Motor 1.90%. The automotive sector has not benefited from the announcement of an increase of 28 pay day loans.3% of new vehicle sales in October. TDK has, however increased by 3.67%, even after the publication of a net profit, down to $ 56.6 million in the third quarter. Toshiba has gained 1.43% despite announcing a 19% drop in quarterly profits. Other value of the day in Tokyo: Panasonic, which has lost 5.07%.The rating agency Moody's said it may lower the rating of long-term debt of the Japanese electronics giant, because of the poor profitability of its TV and semiconductor and high costs of Restructuring.

Oil down

Moreover, time is also reduced. The Stock Exchange of Hong Kong and Shanghai respectively, losing 1.97% and 0.11%. The Korean Kospi is in equilibrium, an increase of 0.03%, the S & P lost 1.52% Australian and Indian Sensex drops 0.80%. In Sydney, the mining sector was battered in the wake of the raw materials: BHP Billiton lost 2.72% and 2.98% Rio Tinto. Same thing in Hong Kong where Aluminum Corp. 4.38% loose.

Oil prices were down after the announcement of the bankruptcy of U.S. broker MF Global Fund and new fears about the debt crisis in the euro area.

In the wake of Air France, which faces a strike by staff since the start of the weekend, the Australian airline Qantas has decided to discontinue all its domestic flights and the world for an indefinite period. Prey to a social Conlit that has lasted several weeks, management has already warned that 70,000 passengers were affected at the moment, knowing that 600 flights have been canceled. More broadly, its fleet of 108 aircraft will be pinned down in 22 airports, Qantas said in a statement.

All flights of the company are canceled as of Saturday, said Officer. "The devices currently in flight will go to, she adds.However there will be a single new domestic or international flight anywhere in the world. "Qantas said its employees will be denied access to the company as of Monday morning cash advance flexible payments.

Faced with a large section of its employees challenging the group's policy, management of the company has chosen the hard way to break the impasse. Calling itself the decision "incredible", Alan Joyce, Qantas's boss said that "the aircraft will be grounded as long as necessary for the situation to an end," at a press conference convened in a hurry on Saturday. No way for him to accede to the request of trade unions, which he said, "Qantas would destroy the long term."

Retrenchment and redeployment in Asia

What technicians, ground staff and pilots claim, it is mainly wage increases.

"The euro is a rock against the crisis. "This declaration of Gylfi Arnbjornsson, President of Iceland's largest union, released in turmoil in the euro area, out of place. "While a small floating national currency increases the flexibility and affects employees," he insists. Bryndis, she does not believe more in the EU and the euro area. "It does not work. The crown, however, allowed us to emerge quickly from the crisis, "said the young woman, who works in a bookstore, very committed to the sovereignty of his country. These two strong views illustrate the gap between pro-and anti-Europe.

Iceland began on June 27 last formal negotiations to enter the European Union. At the end, Icelanders will vote in a referendum.The challenge for the small island in the far north that is just three years of severe recession, is to join the single currency.

The debate in Reykjavik is far from settled, including the center-left coalition government, like the Minister of Economy Social Democratic supporter of the euro and its counterpart of Finance defends the virtues of the crown.

"The devaluation of over 40% has boosted the competitiveness of our exports. The gain exceeds the final cost. Unemployment would have been much worse, "says Green Minister Steingrimur Sigfusson. With two key economic sectors: aluminum and fishing account for 80% of exports. In this land swept by the waters and winds so imposing nature, the farm lobby and fishing make their voices heard. They reject the decisions of Brussels and its quotas.Yet, in fact, Iceland is already integrated into the European Union.

The case "Icesave" three years ago that poisons relations with Great Britain and the Netherlands also maintained Euroscepticism. The State has spent 15% of GDP to save its national banks but refused to compensate the foreign customers of the bank Icesave, bankruptcy. An early decision of the European Court of Justice could force Reykjavik to set the slate of 8 billion euros. "The bank Landsbanki has the means to repay by selling its assets revalued since the crisis," said the minister.

Indebtedness

Three years to regain control of the IMF, the economy drastically, radical restructuring of the banks have put the country on track for growth, helped by a crown devalued on line pay day loans.In the field, if the maintenance of a welfare state and the strength of social ties, related to the geography of the place and its small population, have reduced the impact, the crisis is far from over. Reflecting Hildigunnur Sverrisdottir, 35, architect, married with three children. "We are living a nightmare, every month, our debts pile up, we have no visibility and perspective," she confesses.

This family alone synthesizes all the symptoms of the crisis Iceland: Hidlig lost his job after the explosion of the housing bubble, the couple bought a house at full price. They chose a loan in foreign currency – yen, Swiss franc and euro – more attractive as deemed stable and offering lower interest rates. This not to mention local specificity to index mortgages on inflation, which reached its highest, 18%.Result, many Icelanders have seen the value of their loans soar. "In my generation, everyone has lost an average of 10 million crowns," says Hubert Koziet, who suffered a pay cut and an increase of one third of its credit.

Unable to repay their credit, Hidlig and her husband were offered a government program, reserved for owners 13 .500, which is to cap credit 110% of the value of the dwelling and convert crown. "We do not know what to do, we are still negotiating with our bank, we do not rule out leaving the country. Many of our friends, architect, engineer, accountant … went to Denmark and the United States. "

Counter the brain drain and attract new investment, are the future challenges for sustainable growth in Iceland. Because the economy remains crippled by capital controls and political instability.Ironically, today is not money that is lacking in the small island – banks are full of capital that the Icelanders and businesses could exfiltrer abroad – but it suffers from a lack of confidence in the future and the political elites.

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On May 15 the "outraged" Spaniards camped in the square of Puerta del Sol in Madrid. Borrowing their name to the pamphlet by Stephen Hessel, they said they were inspired by the Arab Spring to shout their rebellion against the explosion of unemployment and austerity policies implemented by the government … Since then, the challenge has been extended in the rest of Europe but also overseas. Five months after the birth of the movement in Spain, in 82 countries is that these "outraged" will show this Saturday, October 15. Zurich to New York, to Rome, Tijuana, Hong Kong and Johannesburg, calls have been launched in 951 cities worldwide.

Their message to politicians and financial elites, as can be read on the site 15october, is: "The powers that be working for the benefit of some ignoring both the will of the majority that the price human and environmental we pay. This intolerable situation has to stop. "On the site of the movement Occupy Wall Street, the tone is the same:" The thing we all have in common is that we are the 99% who will not tolerate any longer the greed and the corruption of the remaining 1%. "In Italy, the program is summarized as follows: "Occupation of public places by millions of people who do not want to pay the enormous economic and social crisis in the place of those who have caused: political power industrial, economic and financial" .

No central authority

This day of action is to cross an important milestone in the movement, which now acquires an international dimension. "It was needed to make weight against the power of financial markets that operate on a global scale," says Sophie Banasiak, "indignant" Paris.

However, there is no central body to coordinate the different actions. "If the collective Democracia Real Ya played a leading role in the initial mobilization in Spain, he does not prevail, either in the capital of the country or world, Heloise said Nez, a sociologist at the University Paris 13.Many groups are working together, but none have hegemony over the movement horizontal and egalitarian aims. There is no visible head and outraged caregivers to regularly change the voice. "

"If someone asks you 'who is behind it', they reply: 'I'" retorted on those who seek the organizers. The spread of a city or country to another must be spontaneous, for emulation. A process greatly facilitated by social networks, where multiple keywords are emerging, such as "yeswecamp", "# yosoy15O", "# event15oct" or "# Globalrevolution" … "I do not even know exactly who launched the idea of ​​the October 15, recognizes Spyros, OccupyLSX supporter of the movement in London.We have seen that call for Saturday and it was inspired by the movement Occupy wall street to do the same thing here. "

Specific demands of each country

If dissatisfied with the world found common denominators, claims and complaints are divided again according to national issues. In Spain, Real Democracia Ya accent has been on the reform of the electoral law to end the two-party system as well as stopping the evictions of indebted owners. In Anglo-Saxon countries, it is mainly finance, pointed as responsible for the crisis, which is targeted. Witness the names of the movements that develop, "Occupy Wall Street" and "Occupy London Stock Exchange (OccupyLSX)." In Israel, the mobilization is the expensive housing while in Italy, the outraged refuse to pay "a debt they have incurred."But all these central issues do not prevent each protester to express other concerns. In Spain some point impunity surrounding crimes of Francoism and the United States is denounced police brutality or the death penalty …

Above all, each city retains its autonomy: information flows globally, but "decisions, they, are taken at meetings in every city, Banasiak said Sophie. Each city chooses its own way of decision. In Paris and Madrid for example, is the consensus. The international dimension does not change the fact that the essence of the movement is local: it is in the physical encounter and dialogue in the streets. "

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It's a real bolt from the French audiovisual landscape. Wednesday morning the Competition Authority has just withdrawn the authorization in 2006 to Canal + to buy its rival TPS. Result, Canal + and its parent Vivendi will re-notify their proposed acquisition of TPS before the competition authority in a one-month periods. In addition, the authority sanctioning Canal + up to 30 million euros.

The reason for this? The Competition Authority considers that Canal + has not complied with several of the 59 commitments made during this operation.These commitments were supposed to ensure that the encrypted string abuses its dominant position in pay TV.

Among the reasons for this heavy penalty, the Competition Authority Canal + accuses of not having available to third party distributors (telecom operators and their channel packages on ADSL) in a timely manner the seven channels mentioned in the commitments. Worse, the Canal + group would deliberately degraded the quality of TPS Star, the only pay channel capable of competing with its own channel Canal +. Finally, the group led by Bertrand Meheut failed to comply with certain commitments regarding relationships with independent channels.Clearly, it takes advantage of its dominant position to impose commercial conditions "opaque and potentially discriminatory"

Gendarme Competition

All of these unfulfilled commitments had been badly negotiated in 2006, on the redemption of GST. Telecom operators, Orange had in mind battled against Canal +. The Competition Authority had imposed severe conditions, but Canal +, no one has apparently ignored it.

With this decision, the Competition Authority comes on strong. She returns to the operation which allowed Canal + to eliminate competition in the market for pay television. Above all, the competition watchdog the fact at a time when Canal + ready to leverage its position in pay television to attack the free TV market with the acquisition of Direct 8 Direct and Star.

In a brief statement, the Canal + Group announced this morning that he took "note of the decision of the Competition Authority to date. He noted the highly unusual and disproportionate in relation to alleged breaches identified and appropriate action will commit. "

For the audiovisual group chaired by Bertrand Meheut, "it is naturally not possible to challenge a merger that's almost five years. The Competition Authority sees clearly in this decision means to force the group CHANNELS + to enter into new commitments, applicable beyond the end of those foreseen in the 2006 authorization, "said he.

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After unveiling a plan for the use of 447 billion dollars, the U.S. president should propose a new tax plan today to 1.5 trillion dollars over the next decade. The plan also intends to cut the deficit in Washington from 3000 billion over the next ten years, said Sunday night a senior administration official. Barack Obama wants to target primarily the rich and businesses, with half of the funds would come from new tax revenues collected on Americans with annual revenues exceeding one million dollars (730,000 dollars) and large enterprises.

The head of the White House should include advocating for the abandonment, when they expire, tax exemptions granted under the presidency of George W. Bush. The cancellation of these tax cuts would recover $ 800 billion over ten years.Barack Obama also plans to provide flat tax code to eliminate some tax loopholes, such as offering tax exemptions to companies acquiring business jets, the total estimated gain of these measures over ten years is 700 billion.

In his new tax plan, U.S. President should also encourage investment in education, new energy and job creation. Barack Obama is also expected to make a point of honor to defend its program of social security, Medicare, and could threaten to veto any cuts in this area if the plan is rejected tax increases.

The U.S. president faces directly the Republican camp, which just last week, made clear he would oppose any new tax increase by the chairman of the House of Representatives John Boehner.

The Head of State has already incurred the wrath of the opposite camp with a proposed new taxes for the wealthy, able to focus on the proposal by billionaire Warren Buffett that promotes the alignment of the taxation of income over one million dollars over that of the middle class. Yesterday, some Republicans suggested that U.S. President revived the specter of "class struggle".

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Sesame exemption from capital gains realized on the sale of real estate other than principal residence is dropped from fifteen to thirty years in prison for acts signed by the notary from 1 February 2012. Given the time – about three months – required between signing the sale agreement and the final act, the owners have until early November 2011 to find a buyer and receive the current system that allows the application of a 10% reduction, from the sixth year of detention, leading to de facto full exemption in fifteen years.

After this deadline, if the reduction from still scene from the sixth year of detention, he falls to 2% per year until the seventeenth year of detention, then goes to 4% per year until the twenty-fourth year and 8% per year until the thirtieth year Low fee payday loans.In summary, 80% of the capital gain is taxable after fifteen years of detention, fateful moment of the advent of the exemption, under the current system.

The game of allowances is relatively complicated, you can use our simulator real estate gains that calculates the tax due before and after tax reform, based on purchase price and the selling price of the property.

"Simulator real estate gains

The tax rate is maintained at 19% for sales occurring in 2011 for the record, it was 16% for those signed in 2010 which should be added 13.5% social whose overall rate was increased 1.2% for goods sold from the 1st October 2011. Finally, the note amounts to 32.5%!

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