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Aged 71 years, Lucienne Harley lives with 800 euros per month for retirement. It certainly smiling again year after learning five years of perseverance in the courts, the finishing touches on the 10,000 euros that an advertisement had promised. "The perseverance of this remarkable person, says Nicolas Godefroy, head of legal department of the UFC-Que Choisir. Most people do not engage in legal proceedings because of the lengthy procedures and high fees. " Background: In 2006, the septuagenarian native of Lisieux (Calvados), receives a commercial e-mail Duchesne of the Belgian company specializing in the sale of household goods by mail. She learns that she has won the sum of 10,000 euros.

Having been refused the company says he is only a pre-draw, Lucienne Harley enters the District Court of Lisieux, which condemns the Belgian company to pay 10,000 euros payday loans in one hour. In March 2008, the Court of Appeal of Caen back on this decision. Enjoying full legal aid, Lucienne Haley continues free trial before the Court of Cassation, the highest French court. On 1 July 2010, the latter gives him succeed and break the decision of the Court of Appeal. "The existence of a hazard on the payment of the check was not clearly demonstrated," said the Court of Cassation.

Two months later, the Court of Appeal decided this time to condemn the company to pay his due: "The letter suggested that the pre-draw had already been made and that the gain was definitively established," justified? she said.

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 the Board, who act the dismantling of Dexia between France and Belgium, Pierre Mariani, managing director of the bank and its president, Jean-Luc Dehaene, have defended their record this morning before the press and financial analysts. The two men had taken the reins of the Franco-Belgian bank in the fall of 2008, after his first save. They provide regret today that the crisis in the euro area has hastened the end of Dexia, without giving them time to continue their work of restructuring.

Pierre Mariani has promised that he would take "responsibility to the end", while taking care to separate the action of the fall of Dexia. The bankruptcy of the institution was caused by the "strategic errors of the previous management," he said.The latter had acquired all of the huge bond portfolio of Dexia, the source of his difficulties refinancing. She even continued to invest until the summer of 2008. Jean-Luc Dehaene has evoked the astonishment of Pierre Mariani when he arrived at Dexia, discovering that he took the lead, not a bank but "a hedge fund." Both men stressed the work done. Pierre Mariani does not regret having accelerated the process of asset sales earlier this year. He said that if states had to refinance the portfolio of Dexia at the time of the rescue of 2008, they would not have had to mobilize 90 billion euros, but 300 billion.

On-balance sheet Dexia has not withstood the pressure of the crisis in the euro area, pleads management.Pierre Mariani said that all banks had received government recommendations, requiring them to maintain their exposure to debt of peripheral European countries in order not to further destabilize the country. "The group may have been naive in following these recommendations," he conceded. In the short term, the surveillance of Moody's and "repeated rumors during the last week have increased the pressure on the financing of the group."

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Retirement: an age variable geometry

"We will not retire at age 60 as we passed in 1982," Manuel Valls Assen. "Nobody says that," irritated Martine Aubry. Yet behind the totem of 60 years Wednesday by waving the primary contenders, hiding the reality quite different. François Hollande only accepts the retirement at that age for those who already have all their quarters. And he sees this as an intermediate stage before a vast overhaul of the system. Manuel Valls as Jean-Michel Baylet also advocate to review everything but are more specific about their goal: a point system, "as in Sweden," says first, "a la carte," added the second.

This would eliminate the problem of legal age, everyone is free to stop work when he wants, even if just a small pension.Ségolène Royal promises, in turn, "the return to retirement at age 60, without any discount for those who have their useful contribution." Martine Aubry appear on the same line … which is precisely to return to 60 years as 1982, a slight difference: the contribution period required for a full pension will be more than 37.5 years. "When life expectancy increases, we must extend the contribution period," admits François Hollande. Well, this time, a point that is the consensus among the suitors, and who endorse the principle set by the Fillon reform of 2003.Holland and Valls even explicitly mention the term adopted in July by the government (41.5 years for 1955 and subsequent generations) in the jeers of the left.

Occupation: differences in hiring to firing

Martine Aubry does not believe in "contracts of generation" François Hollande (if exemption from the hiring of a youth while maintaining a senior in the workforce). In addition to cost 8 billion a year, it anticipates a "windfall" of companies. Ségolène Royal stigmatizes a new "social niche". As for the jobs of the future of Martine Aubry and Arnaud Montebourg, Manuel Valls speaks of an "ineffective measure" that will not allow young people to enter high quality business cards.While Segolene Royal wants to "put into law a ban on layoffs stock" and those "motivated by profitability alone," Martine Aubry wants to allow unions to "seize the court to appoint an interim administrator." François Hollande, he suggests increasing "financial sanctions" to fight against unfair dismissal.

Education: recruit or not?

The proposed François Hollande to create 60,000 jobs in Education in the five years, approved by Arnaud Montebourg, gives rise to a lively exchange with Martine Aubry. "It costs how much?" Quote the mayor of Lille. "2.5 billion euros," says the member for Corrèze. "I wanted to make sure that François Hollande, after proposing not to repeal the budget of Education, now wanted to increase by 2.5 billion euros," continues Aubry.

This in turn will "upgrade the salaries of teachers," "hire psychologists and doctors." Ségolène Royal has a different, for its part, the cost of hiring intended by Holland: "7 billion over five years since 500 million, they must pay every year and they are cumulative. " The president of Poitou-Charentes said that unions "are aware of the financial and budgetary difficulties of the country, and do not require a commitment as strong as this." It calls for "multi-annual programming as needed."

Medical deserts: the incentive constraint

Two camps are emerging. On the one hand, those who want to force young doctors to practice, at least for a few years in deficit areas: Montebourg, Aubry.On the other, those who believe that it will not work and prefer to stick to incentives: Valls, Baylet, Holland – even if it is ready to ban the facilities in the densest areas in doctors. Royal does not choose between two options, but imagine the "clinics with salaried physicians" in the suburbs or countryside.

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"Attracting future medical practitioners to the deserts

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.

While the specter of economic collapse now seems ruled out in Iceland, it is time to settle accounts. With the front line, the trial of former Prime Minister Geir Haarde, which opens Monday. Before the Landsdomur, unique court empowered to try ministers or former ministers, it must meet its responsibility for the collapse of the financial system in 2008. In a financial crisis, the three largest banks in the North Atlantic island have failed, as they held assets equivalent to 923% of its GDP. Prime Minister and head of the Independence Party (right), Geir Haarde was forced to hand over the resignation of his government in January 2009.

The firm, which will incur up to two years in prison, but hopes a dismissal during the trial, relying on a pure and simple abandonment of the prosecution.For him, it is only a "political farce" orchestrated by "old enemies" of opposition now in power. Evidenced, according to his lawyers, that it is the only politician to appear in court. They argue that the parliamentary committee responsible for determining the individual responsibilities of the former government had initially proposed the indictment of four people.

To many political scientists, this position of scapegoat undermines the credibility of the judicial process. "Unfortunately, the Althing (parliament, dominated by a leftist coalition, ie) was not smart in deciding to charge him," said political science professor Gunnar Helgi Kristinsson, University of Iceland cheap credit report.According to him, "shenanigans and personal stories have weighed heavily" in the current troubles of the former Prime Minister, who is the victim of a revenge from former opponents.

A European survey

In this "house cleaning", Reykjavik has added a European dimension. Icelandic President Olafur Ragnar Grimsson asked Sunday in Brussels to launch an investigation to determine how it may have allowed Britain and the Netherlands to exert such pressure on the country in case of bankruptcy Icesave bank in 2008. London and The Hague had then advanced 3.9 billion euros to compensate their nationals injured 340,000. But Icelanders have rejected state reimbursement of that amount in two referendums.But last Thursday, the bank Landsbanki, parent company of Icesave, said he had recovered sufficient funds to pay all bank deposits.

Instead of rushing to accept applications and "absurd" of Great Britain and the Netherlands, "experience shows that it may be wise to wait," commented the president of Iceland. Remarks that sound like a lesson for EU officials entangled in the debt crisis. While on the other hand, Iceland seems out of the woods, growing from 2% in the first quarter compared to the same period last year. Similarly, observers believe that the country could do without the final installments of the loan of 1.45 billion euros granted by the IMF after the collapse of its banking system.

Washing machines, refrigerators, ovens … all the brand Thomson. This is not a museum of the appliance, but a comeback. After production ceased in 2005 Thomson devices, FagorBrandt, the owner, decided to restart it, only on the Net.

An original in more ways than one. This is the first time a group of electrical devices sold directly to the public. Other brands are marketed on the Internet, but always through distributors, specialists or not selling online. Manufacturers usually just sell parts on their website.Not Thomson.

"Given the strong growth in sales of appliances on the Internet, representing about 15% of 800 million euros of turnover generated by large appliances, we decided to use the mark Thomson to sell products through our own site, www.thomson-electromenager.fr, "said Pierre Bondoux, head of e-commerce FagorBrandt.

In one year, online sales of home appliances rose 36% in France. In addition, choosing to launch a brand 100% Internet, the group does not compete with traditional distribution directly, which markets the group's other brands (Fagor, Brandt, Sauter, entry …). Unlike Thomson, owned by the Spanish cooperative since the 1990s, when the activities of Thomson appliances were separated from the pole and arms-mail was not delivered for nearly six years.Finally, by boosting Thomson, FagorBrandt enjoys the sympathy of the brand equity with consumers guaranteed approval cash advance loans.

French manufacturing

Now, 80% of one hundred and twenty references now marketed under the brand Thomson is produced in one of four French factories of the group. "We have participated in the development of the label" Guaranteed Origin France "and will begin to communicate on this topic on our products," said Pierre Bondoux. An additional asset for Thomson, who decided not to price its main selling point. "Manufacturers are investing more and more to innovate. But on the Internet, only the price argument is put forward, "says Pierre Bondoux.

Over the months, Thomson should put online datasheets of increasingly sophisticated, real sales pitches. There is also a service technician "home", true brand specialists."And we deliver at home, made by two persons to the floor in the installation room, with resumption of old equipment and packaging," said Pierre Bondoux. By September, the facility will also be an option. A real difference to benefit from certain sites, which sometimes simply drop the parcels on the sidewalk.

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Discussions intensified and meetings are multiplying as we approach the summit of Heads of State and Government of the euro zone on Thursday in Brussels. The challenge: to present a lasting solution to the Greek crisis by adopting a second aid plan. Despite the hesitation at the head of Europe, the markets want to believe a lasting solution. Paris wins Wednesday mid-day 1.45%.

Sign, however, difficult to finalize a common position, the meeting of finance officials of the euro zone has been extended from Wednesday night to Thursday morning. In turn, the summit will begin with an hour late, at noon instead of 11 hours.

"No great advances"

The postponement will allow a little more time to French President Nicolas Sarkozy and German Chancellor Angela Merkel to resolve disputes between the two countries: they meet on Wednesday afternoon in Berlin.The two countries have different objectives. Angela Merkel has applied to shower expectations. There will be "no great progress," she said Tuesday. Before insuring, Wednesday midday, the German government will show good will. And she was "very confident" of finding a common position with France to achieve "good results" on Thursday.

Recognizing that markets will forgive a bad meeting for nothing, Paris wants instead a "durable solution" is found, insisted Wednesday the government spokesman Valerie Pécresse, after the Council of Ministers. It "passes through the Franco-German couple" she added, pointing out that the main resistance to the alternative of issuing bonds were European, according to the French Government, "a German resistance."

If Paris and Berlin hold the key to an agreement between European leaders, they always seem to oppose it on ways to involve banks in terms of aid to Greece. If the amount of effort required to banks of 30 billion euros, a consensus, the methodology to be divided. Paris wants, as the European Central Bank, avoid at all costs that Greece is found in default. Germany intends to take less care. She suggested including the development does not place a tax credit, which the industry sees an evil eye.

"Agreement on the fundamentals"

The French Minister of Economy, Baroin, wanted reassurance."There is a broad convergence of views, there is an agreement on the fundamentals, there is a desire to make more sustainable debt Greek and there is still some discussion on the part of private, but it's more a discussion of degrees and not a discussion of values, "he said.

While the Franco-German leaders will finalize their position, the Greek Prime Minister George Papandreou will be in Brussels to meet at 17 hours, the president of the European Commission Jose Manuel Barroso. The aim of the summit is crucial on Thursday, insisted on Wednesday the spokesman of the Greek government: "We have tomorrow (Thursday) a peak in determining the future of the country and Europe, Prime Minister (George Papandreou ) engages in a battle to ensure that Greece will stand on two feet. "

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In 2011, advertisers are expected to invest 3.3 billion dollars in mobile advertising, according to estimates from research firm Gartner. More than double compared with 2010, when the world market had picked up $ 1.6 billion investment in advertising, or 0.5% of the total advertising market.

Asia-Pacific continues to be the industry leader, with 1.6 billion dollars in advertising revenue in 2011 against 869 million in 2010. But Europe and North America will grow rapidly, according to Gartner. Respectively 570 million and 702 million dollars of investment, the value of these two mobile advertising market is expected to reach 5.1 and 5.8 billion in 2015.

Side formats, Gartner estimates that mobile search and location, along with augmented reality, will generate the most revenue Business Card Holders.Video advertising is expected to record the strongest growth through 2015.

"Mobile advertising has been recognized as an opportunity for brands, advertisers and publishers to reach consumers in a targeted and contextual, which improves the return on investment," Stephanie Baghdassarian analysis, research fellow at Gartner, in a statement .

With this in mind, the market could reach $ 20.6 billion in four years, says Gartner.

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