The market is also hampered by the failure of negotiations in the "super committee" responsible for the debt of the United States payday advance. The twelve members of the joint committee, composed of six Republicans and six Democrats were responsible for the deficit of 1200 billion and had until midnight Wednesday to share their findings.

• Discount of up to 60% of the Greek debt

According to diplomatic sources, the ministers agreed to effectively negotiate with the banks at a discount of "at least 50%" against a target of 21% decided on July 21 with the banking sector. They thus de facto endorsed the conclusions of an expert report which was presented by the troika of donor funds in Greece (EU, ECB and IMF).The paper believes that a discount of 50 or 60% hope to stabilize Greece without having to increase in the amount of gigantic international loans that have already been promised.

A "discount" is the term used in relation to the financial depreciation of the value of loans taken by creditors in this case private banks and investment funds that hold government debt. A discount of 50% borne by the private sector, the second program of financial support pledged July 21 to Greece, however, should be slightly revised upwards with government loans (Europe and IMF) to 114 billion euros, against 109 billion euros.To maintain the envelope of 109 billion euros unchanged, it would bring the discount to 60%, according to calculations by experts.

• Recapitalization of banks to the tune of 108 billion euros

The question is whether the banks that have so far dragged its feet to give the pot, will accept a negotiated settlement does not pass through a default of Greece. In return for the effort required on the Greek claims, there are plans to recapitalize banks in Europe. Following a meeting of EU finance ministers, this Saturday, in preparation for the summit Sunday, no agreement had been finalized on this point, due to the persistence of disputes.

"We have made some progress on the banks" and "we have laid the groundwork for an agreement" which will still be subject to "discussions between heads of state" and called for European governments to meet in summit Sunday said Swedish Finance Minister Anders Borg. Countries of the European Union are considering a recapitalization of its banks to the tune of 107 or 108 billion euros to help them cope with the crisis, has also said a source familiar with the matter.

But according to European diplomats, "there is no agreement on the recapitalization, it gets stuck a little payday advances." According to one of these diplomatic sources, "Spain insists on having a comprehensive, not only on the recapitalization of banks but also on strengthening the European Financial Stability Fund (EFSF)." On the other hand, "the ministers are trying to agree on the minimum capital."The European Banking Authority (EBA) has proposed that banks reach a level of capital of 9% by mid-2012. A diplomat acknowledged that some countries in the viewfinder of the markets, like Italy, Spain or Portugal, feared that the recapitalization will further undermine public finances.

• The Fund will not support a bank

Moreover, the French proposal to grant a banking license to the Fund support the euro area (EFSF) so he can refinance with the European Central Bank "is no longer on the table," said Minister Dutch Finance Jan Kees de Jager. Only two options are being discussed to increase the firepower of the device, he told reporters Saturday.These two tracks on the agenda now that the mechanism acts as a partial insurance of the public debt of countries in difficulty or higher participation of the IMF to the device, according to a German government source. But there is "significant differences between countries" on the issue, said Jan Kees de Jager.

How to leverage the capacity of the EFSF was the main sticking point between Berlin and Paris at the approach of the EU summit. France, worried about its budget deficit and are "triple AAA" prefer tap into the existing European funds, starting with the ECB. Germany, also sensitive to the separation of powers as inflation risks, refuses anything resembling a crisis by printing money in Europe.France was not only to advocate the involvement of the ECB, arguing that this system worked very well in the United States or Great Britain. She was supported by Spain, Italy or Belgium.

The European Relief Fund currently has a lending capacity of 440 billion euros, part of which is already committed for Ireland and Portugal. This envelope is considered insufficient to prevent contagion of the debt crisis in countries as large as Italy and Spain, increasingly in the firing line of credit rating agencies.European countries negotiate so hard for weeks on the best way, via a "leverage" to multiply by up to five response capacity of the Fund's financial debt of fragile countries.

(With agencies)

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We must also put into perspective the value of Danone with that of Nestlé. The Swiss giant capitalizes 15.6 times the expected result next year. The market welcomed by the superb performance in all segments, including the brilliant success of Nespresso, the subsidiary that specializes in luxury coffee.

Danone is perceived by the market as a growth and not as a "value", not valued due to lack of development prospects no fax pay day loans. The situation of Danone in terms of profitability is satisfactory. Operating margin exceeded 14% after the first half. Better still, it exceeds 20% in Asia.

Possible sale of the water industry

Still, Danone must win the market with new projects. In recent years, Danone has refocused on the markets of healthy nutrition and health. The group is poised to sell its water sector, reports Bloomberg. It is in talks with the Japanese Suntory. The water industry is about 17% of sales of Danone. Growth and profitability are slightly lower than the other branches of the group.Meanwhile, Danone could strengthen its nutrition industry with an acquisition.

In any case, it will not be possible to create value with a takeover bid. When Danone had been rumors of takeover by Pepsi, leaders such as politicians had split from a multitude of arguments, economic patriotism.

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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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Secretary of State for Health, Nora Berra, now goes to the Faculty of Medicine of Dijon in order to praise the "contract of public service," Bachelot innovation of the law of 2009.Principle: a medical student can receive, since its second year, an allowance of 1200 euros gross per month until the end of his studies. In exchange, he agrees to settle in an area lacking doctors (country or suburbs, in most cases) and to exercise for an equivalent duration.

For 2010-2011 academic year of entry into force of the device, 400 contracts were budgeted. In the end, 148 were signed. "It's a good score, given that the measure was introduced later, just before summer 2010. The momentum is there, "said Nora Berra. Volunteers are, to two-thirds of students at the beginning of course – rather than external or internal, who are already receiving compensation from the hospital. "Do not have to worry about financing their studies they can focus on their career, says the secretary of state.And often to realize that working in these areas respond to their aspirations: quality of life, group exercise, part-time in which many women aspire, and the idea of ​​being a real doctor. "Another advantage, even if not the primary objective of the scheme: "It will encourage young people from poor families to engage in a long course, so expensive."

Communication to strengthen

The success of this contract is very uneven, however: 93% of available contracts were sold in Burgundy, in Picardy 79%, 67% Limousin and central, but 10% in Britain and none in Languedoc-Roussillon. For Nora Berra, these differences are due to ignorance of the device: some regional health agencies have promoted less than others.Communication will be strengthened.

Another obstacle has been lifted: the signatories now have the certainty of being affected in their area of ​​study, and no longer will run the risk – rather theoretical – have imposed an installation at the other end of the France, except to express themselves this wish. In 2011-2012, 400 new contracts will be offered, and all subsequent years. The cost to the state peak at 29 million euros per year in 2015.

"Since May, the board revisited the hotel and on the basis of new evidence, he said that George V was worthy of having the distinction," said Le Figaro academician Dominique Fernandez, his President. "We did not submit a new folder and nothing has changed in the hotel since last May," says the other hand a spokesman for George V.

The regulations governing use of the brand palace provides that a losing candidate to stand again (not three), without having to create a new folder.The jury, which decides on subjective criteria, is not required to explain his motives. Wednesday again, he was careful not to do so, despite the misunderstanding brought about by its decision to dismiss the first George V, before finally considering the palace, in a very short time. "This award palace, far from being an end, only reinforces the motivation of all employees to go deeper into the quest for perfection to continue to the Four Seasons Hotel George V reference in the Hotel World, "responded Christopher Norton yesterday, its chief executive.

A small score in the long term

A new session is scheduled for late November. Two hotels in Saint-Tropez, the Château de La Messardière and Byblos, are still candidates, and The Reserve at Ramatuelle. New applications are expected in January."The appointment of George V delights me, says Michel Jauslin, general manager of Park Hyatt Paris-Vendome. With us, the distinction has received a lot of the hotel, the echo went deep into China and Latin America. We have created interest because we are in an unexpected segment, the palace today. We saw this happen was a new customer, in addition to our loyal customers. Our occupancy rates are in the average Parisian palaces and the average price of our rooms – suites out – is 800 euros. "

Ultimately, how many hotels could become palaces? "We heard everything and anything. Given the excellence of this initial list of nine palaces, there should be a small twenty palaces in France in the short and medium term, providing Christian Mantei, director general of Trump France. Before the distinction is, too many luxury establishments said they were palaces.It ended happily. It is too early to measure the economic impact of the distinction on prices and attendance. "

The debates will be difficult if one relies on the controversy that shook the majority in recent days about the increase in VAT on new theme parks. The revolt, led by former Prime Minister Jean-Pierre Raffarin, has also occupied much of the UMP conversations on campus this weekend in Marseille. And leads to development of François Fillon during his closing speech."Nothing is taboo and nothing is left," said the Prime Minister as an open … before closing the door. "The government is open to criticism and amendments, provided they do not involve the amount of effort or their balance, he warned. Consumption, business competitiveness and purchasing power of smaller should not be affected by the adjustments to be proposed. "

Competitive threat

To compensate for the 90 million shortfall in the expected drop – Finance Committee voted and announced by Jean-Pierre Raffarin following a meeting with Nicolas Sarkozy – the measure "theme parks" Gilles Carrez, the rapporteur of the budget UMP , offers a flat rate tax on luxury hotels room rates. An alternative measure already opposed by industry lobbyists.Frédéric Lefebvre, Secretary of State for Tourism, that the tax court "would deal a blow to the competitiveness of French tourism." At Bercy, it also highlights the fact that hotels could circumvent the tax by asking to be downgraded. As managers of the establishments referred, they fear that their net worth "going to other capitals cheaper." Who said it was easy to delete niches in France?

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A sector that has suffered from funding amnque

These few accidents have nothing to coincidence. A series of failures and a multitude of launch delays "for technical problems" are symptomatic of the troubles facing the aerospace sector in Russia.According to experts, they are the result of lack of funding in the 1990s. After the fall of the USSR, the government was not able to support programs in the aerospace industry in the long run, leaving this area for many years. Funding for this sector has taken the early 2000s, with an annual budget that has tripled between 2005 and 2011, increasing to $ 3 billion (2.1 billion euros), of which 700 million (490 million) in the form of commercial contracts. However, the salary of a junior engineer in a design office in Moscow Roskosmos always varies between 20,000 and 25,000 rubles (500 to 625 euros), while the average salary was over 40,000 rubles (1,000 euros) in the capital Russia in July this year.

A technology gap

Moreover, the funding problem, everything happened right after the fall of the Soviet Union, the sector has accumulated since its inception in the 1960s an important technological gap. According to the Scientific Director of the Space Policy Institute Ivan Moissev interviewed by the Russian daily Vedomosti, the current failures in the sector are linked with the Soviet legacy. At the time, the state spent a large budget for space exploration, and Russian rockets were cheaper than American rockets. As a result, all equipment were mass produced, not that special attention be paid to quality. "A satellite was lost soon be replaced by a new," recalls one specialist Roskosmos, noting that before 1991, the space agency was not used to account for missed assignments.Today, trying to fill Roskosmos somehow technological backwardness of its devices by integrating systems of foreign manufacture. But this poses problems of compatibility between them.

Soyuz is not affected in Guyana

European partners, however, remain optimistic about Russian involvement in the Galileo project. Russia announced in 2010 its intention to join the program launch navigation systems alternative to the American GPS. The project led by the European Space Agency (ESA), will start on October 20 with a deployment in orbit of the first two satellites from the Guiana Space Center (SMC), through the Soyuz. Asked by Les Echos Friday, Jean-Jacques Dordain, Director General of ESA into perspective. "We're doing a difficult job.The difference between success and failure is minimal, simply a failed component to move from one to another, "said he.

Having sacked the former head of the Russian Space Agency in April, Prime Minister Vladimir Putin ordered Roskosmos to make changes "radical" in the production cycle of spacecraft. The management agency has also decided to suspend for now the launch of all flights of Soyuz spacecraft until the cause of the accident with the vessel Progress to be clarified.

Since the withdrawal of the U.S. shuttle Atlantis, France and Russia are the only replenishment of the International Space Station with its Automated Transfer Vehicles (ATV), launched by Ariane and Soyuz.

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Safe haven, gold subside sees the outbreak of the course, which showed great concern on the part of investors.The yellow metal, which was still worth almost 1630 dollars per ounce on Friday, and is around 1615 dollars fell on Monday. Another indicator of the relief the markets: oil, which accounts for the opening of Wall Street about 2.7% to 98.28 dollars.

Immediate response as the currency market, the dollar has suddenly taken against major world currencies, particularly against the yen (the dollar rose from 77.3 to 78 yen per hour), just after the announcement.

Market reassured for a time only

Thus, if the news was appreciated at the time, markets have not been won by either euphoria and await confirmation of the plan by one vote. Yet some Republicans have expressed strong opposition to the agreement. Already around noon on Monday, the dollar back down a little, one euro was trading against 1.4437 dollars (0.23%).Same against the Swiss franc, another safe haven, which goes back to full speed against the dollar and finds its historical levels of force, to 0.78 Swiss francs to the dollar. On European stock markets, the increases were massed in mid-day. Then on Wall Street, the Dow has advanced little in early trade to 15.30, about 0.7%. Not enough to make up for the fall of 4.4% registered in the past week.

Then, around 3:45 p.m., the European and American markets have nose dive.It is not there a sudden distrust towards the agreement on U.S. debt, but a strong reaction of markets to the publication of the U.S. ISM index, which measures the strength of manufacturing activity across the Atlantic and came out in sharp decline.

Many uncertainties remain

A disappointing statistic that echoes the poor performance of U.S. economic growth in the second quarter, and falling very badly, while the federal government announces measures of fiscal restraint. The markets also show careful because the details of the agreement remain unclear. In addition, the debt ceiling would require a new vote in early 2013, after the presidential elections.Now remains to be seen how the rating agencies will react to reductions in planned expenditure, less important than they hoped.

However, they have warned: even if the United States are not lacking, this would not prevent the AAA rating of the country may be degraded. In this case, markets may again sink into depression.

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The issue is very clear to Christophe de Margerie, "If it does not reflect the increase in oil prices, the box runs." Under these conditions, while going on holiday will intensify in the coming days, the price the pump are about to take four to five cents extra.

The decision of the International Atomic Energy Agency (IEA) on 23 June, to tap into strategic reserves to lower prices will have had a very limited impact."The effect was instantaneous – crude has fallen from 115 to 107 dollars, almost four cents less at the pump – but the fundamentals of the market quickly regained the upper hand," said Jean-Louis Schilansky, President of the French Union of Petroleum Industries (Ufip).

$ 200 a barrel

In this case, is the increase in demand on prices. While the IEA has estimated that the outbreak in the spring classes began to slow global consumption, but the 90 million barrels per day (bpd) is no longer so distant pay day loan lenders. Moreover, if growth continues, the cap could be gone by the end of the year, according to the scenarios of the Agency.

Meanwhile, it is unclear how far prices will rise at the pump. At the end of last week, the Brent crude in London closed above $ 118."The courses tend gradually to 120 dollars," said Jean-Louis Schilansky which states that within a few days fuel prices should find their levels of early June. An average of 1.50 euro for unleaded 95 and 1.33 euro for a liter of diesel. As for the bar that fateful two euros per liter, it corresponds to the experts at a price of 200 dollars a barrel. "We still have some respite," said Jean-Louis Schilansky.

In this issue so sensitive fuel prices – especially in summer – the government continues to be very careful. A few days ago, they had encouraged retailers to pass quickly down the barrel instantly.This time, they should encourage stakeholders – oil and supermarkets – to smooth the rise in crude.

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