The disappointment is great after the "super-committee" responsible for the debt of the United States, which announced Monday not to have reached an agreement between left and right. The twelve members of the joint committee were responsible for the deficit of 1200 billion and had until midnight Wednesday to address their recommendations. President Barack Obama assured that the United States were not at risk of default.He said he was determined to keep the pressure on elected officials and threatened to veto any attempt by Congress to mitigate the budget cuts that are now automatically take effect.

Standard & Poor's and Moody's reported that U.S. credit rating would not be affected by the failure of these discussions. But Fitch said it would take by the end of a decision on the consequences of the failure of the "super-committee".

"Big disappointment" expected by Japan

In Japan, the new lock worried. Japanese Minister of Finance, Jun Azumi, fears a "big disappointment" of markets. The negative effect is felt at least on the Tokyo Stock Exchange, which leaves 0.40% to 8314.74 points at closing.

Since the professionalization of the discipline in 1995, the French Rugby Federation (FFR) has in fact built on these values ​​to develop partnerships and multiply by 2.5 the financial returns from marketing. Each year, the XV of France in his reports only about 58 of some 83 million annual budget of the FFR.In addition to the TV rights and ticket sales, much of this money comes brands. Nearly 25% of the budget of the FFR is a direct result of the five official partners of the national team that is the GMF, Societe Generale, Orange, Nike and Renault.

Every year, each brand spends 3 to 4 million euros to be associated with the image of rugby. Beyond the fitness trail that led the Blues to the final, the behavior of players in the XV of France during the World Cup he chipped in this picture? "No, says Sylvie Lagourgue, Marketing and Communication Director of GMF, the first partner of the Federation (since 1985). There was a very excessive impact of certain statements out of context. There have certainly been some tension, but remain normal in a competition with so much at stake.To get to the finals, we had a good team spirit, group cohesion, commitment … These values ​​were well represented. " A speech echoed William Josselin, director of communications and marketing for Renault France, the most recent official partners of the FFR. "These tensions come to light between the players and the coach Marc Lievremont is not usual in rugby, but there was an exaggeration and a media hype on this subject. The media have really many, many. "

Co-responsible brands

Not enough challenge so positive mythology surrounding the world of rugby. Officially anyway. "The feedback that we have some brands show that there is a question mark around the traditional values ​​of the sport, admits the head of a sports marketing consulting agency.The professionalization leads to behavior change that can alter the image of a sport. Of course brands are co-responsible for this phenomenon, for providing the money, she help change the economy and the functioning of a discipline. "

Meanwhile, no official partner seems to want to question its agreements that fall "over time" in the words of Raphael Niemi, head of sports partnerships at Societe Generale, the other partner Official History of the FFR (since 1987).The contract with the FFR ends in June 2012, but the bank claims to have given a "strong signal of its commitment to rugby," in association already in the World Cup in England in 2015, after s' be associated with the 1999 and 2007.

Inflation likely amounts partnerships

In the meantime, the FFR will have to renegotiate some of its contracts with its partners and official suppliers. And the good performance of Blue could feed the argument to discuss the price. But everyone may not be ready to comply with the requirements. "A price inflation in a successful negotiation implies a downward during counterproductive. If you want to build a lasting partnership can not constantly redefine the rules according to sports scores. Otherwise it has to work both ways and we seem risky, "argues William Josselin at Renault.At Societe Generale, one also anticipates a possible inflation of prices charged by the FFR, but more serene. "The increase in licensees, positive values, and common stock Sports World Cup is actually strong arguments, concedes Raphael Niemi.Nous share the same fight that the FFR and Societe Generale has always been committed to the development of this sport as an integral part of business strategy. This commitment is not only related to the contract rights FFR. "

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Europe is facing economically to "serious challenges", said President of the European Union, Herman Van Rompuy, at the opening of the meeting. He believed that the decisions to be taken by European leaders to address was "perhaps the most important" they've ever had to face the financial crisis.Greek Prime Minister George Papandreou, also felt it was "time" to take "decisive and effective." "It is clear that the crisis (debt) is not Greek. This is a European crisis, "he judged.

German Chancellor Angela Merkel, however, dampened expectations about the outcome of the summit, from the outset, reaffirming that decisions could be taken next week. "For me it is important to reiterate that today we prepare the decisions of Wednesday" because the negotiations are about "subjects sometimes technically very complex, she said on her arrival in Brussels.

"You have to reassure the markets"

For its part, the Belgian Prime Minister Yves Leterme has tried hard not announce anything at all on Sunday, in light of market pressure."It is essential for tomorrow morning at the opening of markets, we have made sufficient progress so as not to jeopardize the credibility of the euro area," he said. Same story for the European partners have not adopted the single currency, which are concerned about the fallout from the debt crisis. "The crisis in the euro area is being extended to all our economies, including that of Great Britain ', launched the British Prime Minister David Cameron.

What response to the crisis the Europeans do they negotiate? This response is intended in three stages. It must first stabilize the over-indebted Greece and save him a total failure. This will require further international loans and losses of creditor banks in the country. Europe the figure to at least 50%.According to the report of the troika (representatives of the EU, the ECB and the IMF), the discount should be 60% to maintain unchanged the envelope of € 109 billion promised to Greece, as part a second rescue plan officially recorded on July 21 payday loans for self employed. "We remain willing to explore options on a voluntary basis [for each facility, Ed] and realistic prospects for the economy of Greece and the return of that country on the capital markets," said Charles Dallara Saturday night , the president of the Institute of International Finance (IIF), which brings together major global banks.

In return, a bank recapitalization is provided. Countries of the European Union discussed a budget from 107 to 108 billion euros at the meeting of finance ministers on Saturday night. Remains to define the terms.

It will also strengthen the Fund's financial assistance for the euro area countries in difficulty, the EFSF, firewall against the contagion to Italy and Spain. But differences remain on how to do this, especially between France and Germany. Yesterday, the French proposal to grant a banking license in EFSF was discarded. Only two options are being discussed to increase the firepower of the device: the mechanism acts as a partial insurance of the public debt of troubled countries or the IMF is expected to increase its participation in the scheme.

European governance side, Angela Merkel reaffirmed that a "change treaty should not be taboo", to improve fiscal discipline among member countries of the EU. The topic will be on the table at the summit today.Yesterday, the German foreign minister, Guido Westerwelle, proposed to bring in the future before the European Court of Justice countries too lax on the budget in the euro area through a revision of the Treaty of the European Union. In addition, leaders should appoint Herman Van Rompuy, the EU president, as head of the eurozone, according to a draft final declaration obtained by AFP.

For the summit this Sunday, German Chancellor and French President had also met Saturday night to try to resolve their differences, following a meeting of EU finance ministers. They both welcomed the "progress" and "advanced" made in the negotiations.

(With agencies)

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Tens of thousands of demonstrators, inspired by the "outrage" of Wall Street and Spain, marched on Saturday in Rome, the city had been cordoned off by police. "One solution, the Revolution!", "We are not property in the hands of bankers," could be read on the signs of the protesters.

In Rome, two cars were torched. Photo credits: ALBERTO PIZZOLI / AFP

The government, which did not include this option in the first place, now says not to exclude the idea. "It is the wishes of the parliament, we will discuss," said the spokesman of the government, Valérie Pécresse, on the set of Canal + on Thursday.

The stakes are high for the government because the sugar-free drinks, but with sweeteners that give a sweet taste, is increasingly consumed.Today, they account for 17% of the soft drinks market with strong brands like Diet Coke or Coke Zero.

No figures have yet been provided about the extra tax revenue that would generate this new amendment, if adopted in plenary session. The previous amendment adopted by the Finance Committee of the National Assembly, to double the amount of tax, also remains to be validated by all the members. By itself, it could generate a windfall estimated at 250 million euros a year, instead of 120 million euros initially planned. The rate of contribution on the sodas would be increased to 6.22 euros per hectolitre in 2012.Then he would be raised from the beginning of 2013, to January 1 of each year, at a rate equal to inflation (excluding tobacco) in the penultimate year.

Support the agricultural sector

As announced in the Figaro, the objective of this expansion drinks with sweeteners is to finance the lower cost of agricultural labor "to allow our farmers to sell their products at the same price as Germany and Spain" explains Valérie Pécresse payday advances. The government has in fact reduced in 2012 from 210 million payroll taxes on permanent farms. The tax will be reviewed and corrected to about half.

The industrial problems digesting the news. "We said from the beginning that it was normal to participate, provided that everyone involved in the fight against deficits.Simply, we do not want to be the adjustment variable of all the deficits that pass and on which we have not much to see, "said Jean-Rene Buisson, president of the National Association of Food Industries (Ania ). The doubling of the tax sodas would, he said, an estimated increase "between 0.2 and 0.3 cents" per can.

No problem for Michel Diefenbacher UMP (UMP): "These drinks, which are not basic necessities, benefit from the reduced VAT rate.They must be able to withstand the additional load generated by this new contribution, "says he in a sub-amendment.

But for now, nothing is yet definitively confirmed nor on the doubling of the tax, nor about its extension to drink with sweeteners.

End of aspartame in system U

The distribution group Système U has chosen to abandon the use of aspartame in soft drinks sold under any brand, starting in January. For the first time a manufacturer makes such a decision. This choice responds to the concerns of the European Food Safety Authority (EFSA) on the effects of this artificial sweetener.

Système U has already banned the use of parabens in cosmetics and Teflon in cookware. Its chairman Serge Papin, expresses his desire to "become a leader in healthy products."

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Last Saturday, the President of the Republic, Dilma Roussef movement shifted to receive it. "We are very proud of you," she would have slipped to the one she considers the child in the country. He also had dinner in an atmosphere of "friendship" with the two governors of states where the group operates, before signing the agreements in their luxurious palaces. Finally, it was applauded by the workers of Curitiba, massed on the lawn of a sunny site, which he wrote a speech.

Relaxed as ever, we feel in his element."It's good to be true that in Brazil," said the globe-trotting owner, who was about to visit this weekend to his mother and two sisters, who live on site. For him, this country is a paradise full development. Here, as in China, "we prefer to see what will, while in Europe the focus is on what's wrong."

Yet it is this gloomy old continent – particularly in France, where he is idolized as far from Japan, China or Brazil – that he decided to spend more time, "pulling consequences "of the false espionage earlier this year.

For many, this fiasco was proof that the owner of two companies whose headquarters are located 10,000 kilometers away, was disconnected from the reality of Renault.Many employees, union representatives, but also members of the government, which accused him of favor at the expense of Renault Nissan, having sought to speed up the relocation.

"Today I am more present in France," he says, whereas previously the Hexagon was only 35% to 40% of its schedule. Nissan is going at full speed in China or the United States, Carlos Ghosn promised then to look at the head of Renault, less efficient no fax pay day loans. Japanese sales are expected to double according to him between 1999 and 2011, reaching 4.8 million units, while those of Renault have increased marginally over the period (2.6 million last year). Goal back on track in Europe, where sales of the group fell by 10.6% over the first 8 months of the year.But also boost the image of a registered design banal and lacking in high-end models.

One patron

"Pragmatic," Carlos Ghosn admits he made mistakes. "I was probably too delegate and I paid the consequences," he admits. "One of the problems at Renault, is that people felt that there were two bosses. There must be only one boss, and that's me, "he insists. As a result, the CEO, for whom the "management of Renault changed," "regained control of a number of operations" as the high end, human resources, communication or the ethics committee . He also concedes that the crisis has had under "to clean up relations" with the state (which holds 15% stake) and make the company "more mature".

Be present at the headquarters of Renault and be first in line, that is precisely what the CEO had promised, after the reorganization of the group in late May, which had weighed heavily on the government. Paying for his handling of the "case", Patrick Pelata, Renault's number two, had been set aside in favor of Carlos Tavares.

Mechanically, the scope of responsibility of Carlos Tavares, his number two has narrowed compared to that of his predecessor. "It has fewer powers," but of "autonomy in what remains," said Carlos Ghosn.

The question is whether the iconic CEO will honor its commitments over time. One thing is certain, it is restore the image of the diamond brand in Europe find it in France a strong credit started this winter.

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Becoming once again sole master on board in the phone, Sony get back into the race, while its subsidiary is in full decline. In the latest Gartner, Sony Ericsson does not point only to the tenth place. Unbearable to cope with the rise of Samsung and other HTC.

The share of Swedish would be valued between 1.25 and 1.5 billion euros.Sony Ericsson reported a loss of 50 million euros in the last quarter (ended June 30), strongly impacted by the consequences of the tsunami in Japan. The group felt when the earthquake had prevented the production of 1, 5 million phones.

A very strategic move

A recovery of 100% Sony Ericsson, ten years after the creation of the joint venture fits perfectly with the new guideline from Sony. Since late August, the Japanese never ceases to present the virtues of a strategy "five screens" (TV, PC, tablet, game console and … smartphone). At each speaking orchestrated by Sony, its subsidiary in the phone is a little more present. A to obscure the fact that the group led by Howard Stringer holds only half! While in September, when questioned on the subject by the Figaro, a leader of the group responded, "Why buy expensive our participation? ".Admitting a hint that Sony already felt at home in their joint venture. An attitude that could just as tired Ericsson, which has every reason to feel more deprived.

In addition, Sony ensures highlight the synergies between the different divisions of the group. But the mobile phone is, at present, is a real focal point. The latest Sony Ericsson Xperia smartphones are a perfect summary. They are equipped with optical CyberShot inherited cameras from Sony and for the sound, the Walkman and entertainment, Sony Entertainment. The climax was reached with the Xperia Play, which includes all the features of a PlayStation.

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A remake of 2008-2009 is in everyone's head. But comparison is not right."Companies now have to pay much less than in 2008 and stocks the contrary, they have much better treasuries, said Pierre-Antoine Gailly, President of the CCIP. For the whole of France, their current account deposits at banks now amount to 180 billion euros, 20 billion more than in 2008. "

The CCIP also notes that if the concern that banks limit access to credit are large, this fear has not yet materialized. Moreover, the dreaded cold snap on the situation at the moment is focused on Europe, while in 2008 it had distributed instantly worldwide. Clearly the multiplier effects that had abruptly fired three years ago now seem less formidable.The current crisis follows a phenomenon much more confidence that it reflects a mechanical depression guaranteed unsecured personal loan.

Bring to a faster response to the crisis in Greece

Thinning can therefore act only through a return of confidence, it says in the CCIP. First in Europe: it is faster to make a response to the crisis in Greece and more generally to uncertainties in the sovereign debt.

Second key point: the situation of banks and their ability to finance the economy. There also should clarify the situation, including the definition of the application of Basel III on capital requirements.

Third dimension, unique to France, the presidential campaign. She never held in such a climate of economic turmoil, with what is more significant questions about a possible alternate.Two factors, by definition, anxiety, do you recognize the CCIP where one refrains from taking sides of course on the merits. Much will depend on the conduct of the presidential campaign, knowing that in times of uncertainty the temptation of inaction is great for business.

Everything will be in the speech

The survey conducted last September marked a sharp decline in climate, especially in SMEs. The synthetic indicator currently stands at 91 down from 106 in September 2006, at the last presidential campaign for SMEs. For larger companies, this indicator is 96 against 104 five years ago. While governments have no fiscal space to influence the deal, everything will be in the speech. The power of words never been so great.

In 2010, the area was paralyzed by a social movement in response to the announcement of the closure of the Flanders refinery, operated by Total in Dunkirk freecreditscore. At the time, the conflict had disrupted fuel distribution in France.

At Berre, the sale of the refinery achieved no result, LyondellBasell prefer to stop the costs: it has indeed lost 400 million euros since its acquisition in 2008 and is expected to be € 120 million deficit in 2012 . "It's the only number that management has given us. They are unable to tell us what results come out the whole site with or without the refinery while a McKinsey study estimated that closing the refinery would deprive downstream from the site of 80 million margin of integration " , Patrick gets upset Sciurca.

Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW.Other analysts, however, want to caution. The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

The euro relapse

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. A barrel of "light sweet crude" for delivery in November gained 1 high quality business cards.15 dollars to 81.39 dollars in early trade, having closed up 39 cents Monday.A barrel of Brent North Sea crude for November delivery, which ended virtually unchanged Monday (-3 cents), advances, meanwhile, 95 cents to 104.89 dollars.

On the macroeconomic front, investors will monitor the housing price index calculated by S & P / Case-Shiller in the 20 largest cities in the United States, the index of consumer confidence and the Conference Board index of manufacturing activity in the Richmond Fed.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.