Daily International Headlines

At 21, the little genius of the French sprint Christophe Lemaître, maddens the counters … and brands. Sought in recent years by more than a dozen of them (according to the Journal du Dimanche), the Savoyard finally chose mineral water from Aix-les-Bains as the first non-sport partnership (it has already been associated 2007 the Japanese OEM image Asics). A logical conclusion, the sprinter is already three years since the ambassador of the city where he lives and trains.

But unlike the previously mentioned ambassador status which would yield between 4000 and 4600 euros per month, this new association between the rider and the city passed this time by a private group.

Bottle collector bearing the image of the runner

The League of mineral waters of Aix-les-Bains is in fact owned by the Group of the Musketeers (owner of the sign distribution Intermarché).

The CAC 40 is a break on Friday. In the middle of the session, the Paris index declined from 0.08% to symbolically 3194.25 points. But following the release of U.S. employment figures for the month of October, the decline was amplified to over 1%.

Papandreou prepared to withdraw his referendum and the new president of the European Central Bank, Mario Draghi, who announced lower interest rates in his first press conference in this position. Is good news that financial markets have welcomed yesterday and continue to welcome Friday. The atmosphere remains febrile. Investors are still suspended to changes in the Greek case.

The Greek government plays its survival tonight in Parliament in a vote of confidence but the fate of Prime Minister George Papandreou seemed sealed after the failure of the referendum proposal.The composite index rose to 46.5 points in October against 49.1 in September, according to a second estimate published today. The index had fallen below 50 points in September for the first time in two years, signaling a decline in activity. In detail, growth slowed in October in Germany, but contracted in France, Spain and Italy. Ireland is the only other country to report an increase in its overall activity in heavily penalized octobre.Alcatel-Lucent

On the corporate side, the ball of publications continues.

After having dropped more than 2% just after the opening, Alstom quickly regained balance and advance 0.78% to 27.71 euros in mid-session.

This year, the worsening crisis has forced the government to develop as soon as August an austerity plan in order to reassure financial markets. The draft budget law for 2012 includes part of measures announced on August 24 (the other measures contained in the social security budget and supplementary budget passed in early September). In addition, there are additional tax increases. The bill reaches 2.8 billion to taxpayers.

• Outstanding on high incomes. The project of the Government expects that this new 3% tax will apply to much of the income exceeding EUR 500,000 per year for a single person and € 1 million for a couple. But MPs want to lower these thresholds. And Valerie Pécresse reiterated today that it was open to discussion.The government would accept an entry threshold to 250,000 euros to 500,000 euros a person for a couple. The income taken into account when calculating the contribution is the income tax reference. Income that includes not only wages but also the interest, dividends, capital gains. Moreover, only taxpayers whose average income over three years will exceed the thresholds will be taxed at the new tax. This is to prevent a dealer who sells one years his business is taxed. The contribution will apply for the first time on the income of the year 2011 and will stop when the public deficit back below 3%, ie in 2013, in theory.

• Tax on soft drinks. This tax, applicable from 1 January, will involve drinks containing added sugars such as sodas, fruit juices with added sugar and flavored waters.Drinks "light" will be spared. The tax will be 1 cent per can of 33 cl

• Plane niches. The tax loopholes planed last year will be again 10%. A tax reduction of 22% will go to 20% for example, a 20% to 18% … etc. Among the niches that are most used planed, there are advantages or overseas tax credit for environmental equipment housing. This plane will be applicable for the taxation of income in 2012 for expenses paid from 1 January 2012. Like last year, niches related to employment, including the employment of an employee at home will be spared Business Card Holders.

• Niche Scellier and other devices for real estate. The Scellier reduces their income tax by investing in housing that is then leased under certain conditions.The tax reduction Scellier suffer, in addition to the plane, a turn of the screw. It will fall to 14% of the investment as of 1 January 2012, against 22% this year. It will be for housing low power consumption and housing accompanied by a renewed energy label demanding. The benefit granted to individuals who invest in a tourist residence for elderly and disabled and for students from 18% to 12% in 2012.

• Tax on rooms good. This new tax will only apply to homes under 13 square meters. It will apply where the rent per square foot exceed a certain threshold (40 euros per square meter in Paris). Its rates range from 10% to 40%.

• Eco-interest loan.The zero-interest loans dedicated to work improving the ecological quality of housing will be combined with the tax credit for the same type of work for taxpayers whose income tax reference does not exceed 30,000 euros per year. The tax credit will also be revamped.

• Tax credit for elderly and disabled. The tax credit of 25% on expenses related to improving habitat for elderly and disabled is extended until 2014.

• Carbon Tax new version for manufacturers. Undertakings subject to CO2 quotas in 2012 will pay a fee between 0.08% and 0.12% of their turnover. Will be exempt small emitters (quotas for less than 60,000 tonnes of CO2 per year). Electricians (mainly EDF) alone will pay one third of this tax.

• Other measures for businesses.Telecom operators will finance up to 2 million expenditure to avoid the jamming of TV DTT frequencies mobile fourth generation. The reduction of one third of the benefits enjoyed by overseas companies is removed.

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The most obvious common point between 2008 and 2011 is obviously the rout of bank shares. Monday, for example, Crédit Agricole was at a record low.

Other signals, less visible but more alarming, are pressed to bright red in recent weeks. They relate to the refinancing of banks, that is to say their ability to borrow from the market – every day, every week, every semester or ten years – according to their needs and the life of their assets. The price of these loans exploded in Europe, he returned, on average, three months, its levels of spring 2009. Money is also more rare: the U.S. money market funds, major providers of short-term liquidity, have stopped their relationships with banks in Italy and Spain, and very significantly reduced their lending in Germany and France.Finally, deposits with Central Bank (ECB) swell again (more than 150 billion euros on Friday night), indicating that financial institutions prefer to entrust their surplus rather than lend it to others.

The symptoms are largely the same as in 2008. Yet the nature of the crisis is different. Three years ago, she found its roots in the defeat of the U.S. mortgage market, the famous subprime. Today is the public debt which is the mainspring of mistrust.

Doubts about the ability of European states to repay their loans undermine the banks. Because, on the Old Continent, 8% of banking assets – 3,000 billion – are sovereign debt, the banks are in Europe, part of the monetary system.Second, markets are finding that European political institutions are so far failed to implement a concerted and lasting solution. And if the Greek plan is not working, financial institutions should make provisions massive.

In 2008, financial stocks on the stock market knew a massacre led by the bad news from the front and U payday loan lenders.S. real estate mortgage. Today, they live to the rhythm of political Europe. The rout of bank shares yesterday was fueled by the regional election defeat Angela Merkel on Sunday, the delay of Italy on its austerity plan, and tensions emerged between Athens and the IMF.

Controversy with the IMF

Under these conditions, the remedies to the crisis can not be the same as those implemented three years ago.At the time, states had largely replaced the market to provide capital to banks and liquidity on a daily basis that they lacked. Today, Treasuries no longer have necessarily the means. The needs of banks are not necessarily the same. In terms of capital first. The controversy continues to rage on the appeal of Christine Lagarde to recapitalize, if necessary by force and public funds, European banks. These have yet raised $ 414 billion of capital since 2008 (against 314 billion U.S.), recalled Monday the International Institute of Finance. "A forced recapitalization would signal that policy makers do not believe the success of their measures," complained the head of Deutsche Bank, Josef Ackermann.

Regarding liquidity, strong strains may not lead necessarily to a global asphyxia as in 2008.The valves of the central banks are now more wide open than they were at the time. And meanwhile, the banks have loosened their funding constraints in the short term. In Europe, they have raised $ 544 billion of debt this year, for up to 90% of their needs for the entire year. A situation that does not allow to exclude an "accident" in a particular bank. And leaves intact the concerns for 2012.

After the European Central Bank (ECB), it's time for the U.S. Federal Reserve (Fed) to dive into the arena. The Central Bank of the United States met on Tuesday FOMC's Monetary Committee. Supposed to be, usually, a meeting classic, this appointment has turned the eyes of the financial world in crisis meeting. It is indeed the first time the Fed meets in public since the beginning of the financial crisis and especially his first public speaking since the deterioration of the financial rating of the United States by Standard & Poor's.

Not surprisingly, it has maintained its key interest rates between 0% and 0.25%. However, she said that this policy would be extended "until mid-2013," sign it receives considerable stress on growth. In fact, she says, "the risks to the economy rose" and growing "considerably slower than expected."

Other measures

"The Fed is playing a tough game with the words, it must show it is taking the situation seriously, without making too much not that the markets are worried about a return to recession," said Philippe Bruneau, Director central bank Neuflize OBC. For the latter, "the only good news for the current crisis is the drop in oil prices, which dropped below the 80 dollars a barrel after reaching $ 115 in the spring. A decrease of $ 10 is equivalent to 0.3 percentage point of growth in addition to the United States. " It is not certain that the message of this evening of the Federal Reserve reassured. Especially since three members of the Monetary Committee voted against the decision to keep rates from 0 to 0.25% until 2013.Evidence that the division now also prevails in the central bank.

Taking note of the slowdown in action, the Fed said "consider further steps to promote stronger economic growth." But without saying more. "Ben Bernanke was forced to send a message to investors and told them that he will continue to support the price of U.S. government bonds, weakened by the S & P's decision," said Antoine Brunet, director of AB Markets.But by not precise commitments, Ben Bernanke shows how the scope is narrow to implement this new policy unconventional.

China, the first lender in the United States which it holds more than 1.3 trillion dollars in debt, is fiercely opposed to these measures, particularly in quantitative easing, which is for the Fed to directly purchase U.S. Treasury debt. "To walk the printing press allows the U.S. to go into debt on the backs of low-cost external creditors," a summary of the economists of HSBC. Moreover, "it keeps the dollar at low levels and put pressure on emerging currencies, including the yuan." The Chinese authorities find themselves faced with an alternative: let their currencies appreciate or prevent this movement, which requires in turn create the currency.Action inconsistent with their goal to fight against inflation (see cons below). "In one way or the other, China is losing, 'the experts of HSBC. The previous quantitative easing campaign was very unpopular in China. A new one could cause actual casus belli. With the key threat by Beijing to stop buying U.S. Treasuries.

The outlook for the parent company of Airbus are rather positive. EADS confirmed on Friday its forecast for the full year 2011, with sales up 8% to 21.9 billion euros and operating profit (EBIT) of 720 million euros in first half of this year. The net result of EADS amounted to 109 million euros (compared to 185 million euros in the first half of 2010), or earnings per share of 0.13 euro (0.23 euro a year ago) . In the second quarter, the manufacturer posted a net profit of 121 million euros and a turnover of 12.082 million – up from data over the same period the previous year (82 million euros in profit net 11.35 billion in revenue).

The activities of EADS, however, impacted by a decline of 41% of net profit in the first half, to 109 million euros related to accounting revaluations following the change in exchange rates, the statement said the group. But the net cash position of the manufacturer, specialized in aerospace and defense of a $ 11 billion still provides a solid foundation to meet the operational needs of the group and fuel future growth, "said EADS Friday .

An exceptional increase in orders

"Our first half results in 2011 reflect the strong demand in the commercial aviation sector," said the executive chairman of the Louis Welsh, comment out the publication of the results of EADS.At Le Bourget, Airbus, the main subsidiary of EADS has reached a new record this year, orders for 730 commercial aircraft, including 667 A 320 Neo, remotorisée version of medium-haul Airbus, less fond of fuel. EADS believes that Airbus should undertake the delivery of 520 to 530 commercial aircraft throughout the year, with a level of gross orders up to one thousand units. In the first half of 2011, new orders for Airbus amounted to 58.1 billion euros at the end of June the company has already earned 453.8 billion euros (at the end of 2010, total orders was 448.5 billion).

For all of 2011, EADS expects a stable EBIT before non-recurring items in 2011 compared to 2010, about 1.3 billion euros. Louis Welsh stated in particular that Airbus confirms its target of delivering about 25 to 380 in 2011.Moreover, based on the basis of an exchange rate of one euro worth 1.35 dollars, the European manufacturer hopes to earnings per share higher than in 2010, which was 0.68 euro. He also put on a significant improvement in its EBIT by 2012 due to higher sales volumes and improved performance of the Airbus A 380.

The title of EADS was in line with the trend of the CAC 40 stock market this morning, down -0.76% to 24.15 euros.

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To save its common currency, Europe is the part of the fire. The seventeen countries of the euro have violated a prohibition group, assuming the risk of a possible partial collapse of Greece. But national leaders have also pushed their own taboos in order to restore confidence and resolder the team in front of the fire.

The Brussels summit, cleared the day before by a dinner at three in Berlin, saw everyone had a role. Jean-Claude Trichet, haughty guardian of monetary orthodoxy, has reluctantly accepted the possibility of a "default" of Greece, even if he believes will be averted. Nicolas Sarkozy rempoché its bank tax – a project specifically designed to avoid trial in Athens of bankruptcy, albeit limited. Angela Merkel pays back.She agrees to substantially beef up the European bailout fund of indebted countries, ignoring the doubts that undermine his coalition in Berlin. And it sends a "very big thank you" to his interlocutors.

Unexpected, even courageous, the device stopped Thursday night is also a leap into the unknown. The danger was that the shock wave feared a possible default "selective" in Athens come sweeping new defenses in the euro area. The Head of State has carefully avoided the word "default" but he assured that the euro area lavish in time "all the necessary guarantees." Encouragingly, the agreement was welcomed Thursday by a rising euro and a market rebound.

Reduce the debt burden

By sacrificing a principle, the summit also seeks to limit the contagion. "What we do for Greece, we will not do for any other country," warns Nicolas Sarkozy.The summit's final declaration said that "Greece is in a unique situation of gravity in the euro area (…) Therefore it requires an exceptional solution." In contrast, the other 16 euro countries "reaffirm their inflexible determination to honor their individual signature" loan. No way to drift to other parts of the chain, such as Portugal and Ireland have a drip European, or like Spain and Italy regularly shaken up the markets.

For Greece, the immediate objective is to reduce the debt burden by involving banks and private equity funds. "This is to address the root of the problem" of insolvency, said Angela Merkel. The summit adopted a "menu of options," modeled on the plan proposed by the international financial community.It was also shown Thursday in Brussels by Baudouin Prot, Director General of BNP Paribas, and Josef Ackermann, head of Deutsche Bank. Voluntarily, but under strong pressure, banks must give up some money owed to them, particularly in France and Germany. Financially, the most dramatic innovation is the green light to EFSF to "intervene in the secondary market" in the clear to buy back government debt to investors. In the case of Greece, Ireland and Portugal, it would relieve the banks that hold securities impaired.

158 billion euros

Seventeen of the two, however, establish safeguards. The one at the request of Jean-Claude Trichet as the ECB will return to establish a priori the "exceptional circumstances".The other at the request of Angela Merkel, as the green light is given "by mutual agreement" of members of the rescue fund. This leaves almost a right of veto in Berlin, leaving no question of a European institution to have its way of guarantees provided by Germany

The summit amounted to 109 billion euros the amount of public funding in the second bailout of Athens. Taking into account the participation of the private bill climbs to 158 billion euros. The IMF confirmed its contribution in the evening, without specifying the amount. As expected, the euro area has decided to extend for 7.5 years "to a minimum of 15 years and up to 30 years' duration of its loans to countries in need. Meanwhile, the interest rate will be reduced to 3.5%. The summit finally evokes "a comprehensive strategy for growth and investment" in favor of Greece, through the European Structural Funds.He renounced the baptized "Marshall Plan" European and still has to quantify.

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From 1 January 2012, the right to share from 1.1% to 2.5%. Thus decided on Wednesday the deputies and senators met in joint committee (CMP) to find a definitive agreement on tax reform heritage.

This measure is not trivial. For divorcing couples and share their property must pay this right to share, whatever their matrimonial regime. This tax is also due by the heirs, at the distribution of the estate, and at an inter vivos gift (for donations reinstated earlier this occasion).

With this increase, the state will recover about 300 million euros, mainly at the expense of 130,000 new annual divorced. So, a couple who owns property, net of debt, must pay 300,000 euros to 7500 euros right to share next year.If he had divorced this year, his bill would have been only 3300 euros. Problem: the reform of the ISF was supposed to be financed by the wealthy … "I can not find normal tax increase during a difficult time of life," said Benoit Renaud, president of the Superior Council of Notaries. This increase in risk-sharing law to push further the heirs to remain undivided and discourage donations sharing. At the risk of creating conflicts in the future. Finally, it is not impossible that many divorced choosing to sell their property and to divide "sneak" the money, without an act of sharing history to evade taxes.

In addition, the CMP identified in 20% to 25% inheritance of life, are transmitted to beyond 902,838 euros per unit, after deduction of 152,500 euros. And validated the smoothing mechanism for donations.The government increased from six to ten years the time between donations, or between a gift and an estate eligible for tax relief. To mitigate the shock of the transition from six to ten years, MPs and senators, have developed a system for smoothing. The Senate was selected CMP. Specifically, the deduction on the value of the donation will be 10% for a donation of six years old, 20% for a donation of seven years old, 30% for a donation from eight years and 40% for a donation dating back nine years.

The agreement on the tax measures found in the CMP must still be approved by the Assembly and the Senate in session July 5. However, this validation should not be a problem.

Pending the arrival of his eagerly awaited first smartphone with the Windows operating system Phone at the end of the year, and production "mass" in 2012, we have to wait markets and customers. That Stephen Elop, president of Nokia strived to do during the CommunicAsia exhibition in Singapore. "Our main strategy in the field of smartphones is to focus on the Windows phone," he said, for its next billion mobile.

For Nokia, it is urgent. Last month, the group issued a warning on its sales and results, giving even to make predictions, as the period is difficult.Its sales continue to decline, it would hold more than 13.1% of the smartphone market in the first quarter against 25% a year earlier.

But maintaining a strong presence of the Symbian operating system in its range and choice of Microsoft at the expense of Android leave many doubts cast. While the number of applications available on a smartphone is a paramount requirement, the Finn is not in the race. It strives for the time to catch up in smartphones, highlighting the N9 in Singapore, expected to outdo the iPhone and Android to its competitors. To do so, Nokia boasts jumble "three home pages," his "handy user interface," "better voice quality," connectivity … The N9 (under platform Meego) is also equipped with a NFC connection, which enables contactless payments.With this feature, shows that Nokia is still able to board the train for a new technology, not to watch the competition from without it.

With the launch of three new models (N8, E7, C7 and C6-01 will be sold in July) Nokia has pushed the highlight of its commitment to Symbian OS. These terminals will be equipped with the new update system Symbian Anna. Novelty of this new version, it will be downloadable for those who have already bought one of these phones. And over the next twelve months, Nokia will market up to ten new smartphones based on Symbian. From there to imagine that the Finnish and protects against possible setbacks of its U.S. partner, there is only one step.It also reaffirms its loyalty and its customers, accustomed to its operating system, and that it might lose by abandoning it completely. Hence the idea to favor a smooth transition.

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The CAC 40 was at a standstill on Monday in the Paris Bourse. On Monday of Pentecost, the absence of much investors account for a sluggish market, with only 1.8 billion traded. At closing, the CAC 40 gained 0.07% at 3807.61 points.

Same hesitation on other European markets, the DAX index of the Frankfurt Stock Exchange edged down 0.22% at 7085.14 points, while the FTSE-100 Square London rose 0.13% in 5773 , 46 points.

In this day of solidarity in which the majority of employees stay home, the absence of major market operators does not help to draw a clear trend. Especially as the business side, no publication was expected. Ditto on the macroeconomic front. The markets are still awaiting a convincing answer to the Greek situation, before returning to a sustainable uptrend.

These same concerns also continue to weigh on the European currency. Side currency, the euro lost indeed some ground against the dollar Monday in a market without much direction, and still hanging on the progress of discussions between EU leaders. They are still struggling to find agreement on how to continue to provide financial assistance to Greece. Around 11:10 in Paris, the European single currency was worth 1.4336 dollars against 1.4348 dollars on Friday night after coming close last Monday the threshold of $ 1.47 for the first time in a month.

Same side of the volatility of oil prices in a market torn between the prospects of increased production by Saudi Arabia and the maintenance of quotas decided by OPEC. In morning trading, a barrel of light sweet crude for July delivery lost 9 cents 99.20 dollars.That of Brent North Sea crude for delivery gained 13 cents to equal 118.91 dollars.

As for values ​​to follow

Altran (-2%, to 5.14 euros)

Yves de Chaisemartin lost Friday the group's management, the Board of Directors of the technology consulting company has designated Philip Hall to replace him.

Air France – KLM (+0.28% to 10.59 euros)

The airline's traffic in the Paris airports Roissy and Orly airports may be disrupted on Monday due to a strike notice filed by a union of mechanics on the ground, have we learned from the company.

Peugeot lead the CAC40 (1.66%, to 27.91 euros), according to a note from Citigroup

The title of the automaker is at the top of the charts of ACC 40, supported by a positive note from Citigroup, which goes from neutral to buy.The broker believes that the U.S. product mix and diversification of Peugeot should be reflected in investors' perception of the title.

The rest of the automotive sector is, however, the penalty, hit by fears of recession in Europe, says one analyst, while stressing that the current valuations of most groups are below their historical levels. Renault (-2.40%, to 35.52 euros) shows the largest decrease in the CAC 40 in front Michelin (-0.96% at 62.71 euros). Outside the CAC 40, yields 2.1% Valeo, to 41.42 euros.

LVMH (+0.48% at 115.35 euros)

Sephora, the cosmetics distribution subsidiary of luxury group, said to have strengthened his hand in the round of Corsica in Russia, becoming the majority shareholder in nearly three years after joining the company's capital .

EDF (+0.19% at 26.73 euros)

NPP Bugey in Ain, had to reduce its production by 10-15% in late May and early June due to increased water temperatures of the Rhone, an effect of the heat wave spring.

Eutelsat Communications (-0.83% to 30.39 euros)

San Marino RTV has selected two Eutelsat satellites to broadcast its programs through Italy and Europe as of June 13

EADS (+0.02% at 21.12 euros)

Airbus chief says EADS, parent company of Airbus, would be protected against hostile takeover bids but, to this end, it was not essential that Germany be a shareholder in the group.

Carrefour (0.45%, to 29.30 euros)

The management of the distribution group said Sunday, a day after a protest movement, have made a major effort for employees of Carrefour Market stores in terms of purchasing power.