Euro crisis summit in Brussels

EU summit, the first act. The leaders of the EU started in Brussels on Sunday morning a summit with the goal of trying to overcome their differences on how to stem the debt crisis that is destabilizing the euro area. The meeting began around 10:20. However, no decision is expected at the end of the summit of which the second act is expected Wednesday. This afternoon, the summit will continue with a meeting of Heads of State of 17 countries in the euro area.

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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"The mother of all strikes" paralyze Greece

A country paralyzed, a city under siege. While millions of Greeks are called to go on strike for 48 hours, 10 police squads have erected fences riot around the place of parliament in central Athens. The movement must be "the mother of all strikes," warned Tuesday the leftist daily Ta Nea.

Nearly 20,000 protesters began to march at 9 am Wednesday in the capital to converge to the emblematic Syntagma Square, political heart of the country. In June, violent clashes with security forces had driven the rally.

"We will send a strong message to the government and political system," promised Tsikritas Costas, head of the ADEDY union representing public service. "We believe that the mobilization will be huge." The general strike could indeed be the largest since a long time.Administrations, public transportation, businesses, and even bakers are required to stop work and march against the rigor introduced by the Socialist government.

This is putting pressure on MPs to discuss for three days from Thursday, new austerity measures. The consideration for the payment of the next $ 8 billion euros, as part of the plan of 110 billion granted by the EU and the IMF in spring 2010.

"Blackmail"

Prime Minister George Papandreou has been determined: "All these people who blackmail and take the country hostage, occupying buildings, leaving garbage piled in the streets, closing ports and the Parthenon, must explain how this will help us get back on our feet Payday Loan for Bad Credit. "

He also called for unity."We must continue this war, as a people, as a government, as a caucus to enable the country to win it, he argued. We will win for the country, we will continue. That's why I'm here. "The head of government has a narrow majority of four seats in Parliament.

However, concerns remain on the eve of the vote of austerity on the discipline of PASOK. A member of the Socialist Group has resigned in protest Monday. Two others have threatened to vote against it. A small opposition party could come in and vote for reinforcement.

The new austerity measures, which account for 6.6 billion euros, include reductions in wages and pensions, designed to place laid off 30,000 employees and to establish a single salary scale in the public .The government also wants to lower the threshold of annual taxable income to 5,000 euros.

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Thousands of "outraged" parade, events in Rome

• Banks attacked in Rome

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

Sony wants full control of Sony Ericsson

The maneuvers in mobile telephony will continue. Less than two months after announcing the acquisition of Motorola by Google, it's time for Sony to come forward. The Japanese would be poised to buy out its partner in the joint venture Ericsson they hold a 50/50, according to the Wall Street Journal. Sony said "have made any announcements on this and have no comment."

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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Industry and households demoralized

Optimism has no place in French industry and households. According to the monthly survey published Friday by INSEE, the synthetic indicator of business climate in manufacturing industry fell by six points to 99 points in September, passing below the 100 that corresponds to the average long period for this indicator. "He finds his level of August 2010," INSEE said in a statement.

As for the index of business climate as a whole (including services, construction, wholesale and retail trade), it falls along eight points to 97 points. Clearly, "the economic climate deteriorated in all sectors except construction," says INSEE.

In detail, the entrepreneurs of the manufacturing industry believe that their past activity slows again.They are particularly concerned to see their order books, global and foreign, are down. The situation is similar in both food processing, electrical, electronic and computer in the car, where the activity is expected in sharp decline in the coming months.

Confirming this gloom, the turning point indicator of INSEE has clearly shifted in the red. If it is not necessarily synonymous with recession, "the index is in all cases the echo of a deceleration of growth in all sectors," explains Sandrine Duchêne, head of the department of economic INSEE.

The financial situation of the French deteriorates

Even pessimistic side of French households, whose confidence index has lost five points to 80 points in September, according to data from the institute poor credit personal loans. This is its lowest level since February 2009.This indicator had a slight gain in July (three points) after months of stability. But in September, households appear significantly higher than in July to anticipate an increase in unemployment (23 points).

To this must be added the concerns of their income: between July and September, the opinion of households on their personal financial situation has deteriorated further, the balance corresponding dropping six points. Thus, the French are less numerous than in July to consider appropriate to make major purchases (-5 points). About their nest egg, they also feel that the time is not conducive to spare, the balance being lost 8 points in its long-term average.

According to Sandrine Duchêne, growth forecasts of 0.5% set in June for the third and fourth quarters will soon be downgraded."Since mid-2009, we tablions on a scenario of sluggish growth," said she. But the accumulation of adverse factors, "as the sovereign debt crisis in Europe, or concerns about the economic situation in the United States and China," cloud the prospects for a real recovery in the Hexagon.

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Scholarships resist degradation of Italy

The Paris Bourse was able to bounce back despite the deterioration in the rating of Italy by Standard & Poor's and the decline in bank stocks. The CAC 40 gained 1.50% to finish the session at 2 984.05 points. Financial markets had clearly joined the decommissioning of Italy. They preferred to see the glass half full and focus on the adoption of new measures to support the U.S. central bank (Fed) on Wednesday night and real progress in the Greek case. Caution remains implementation as evidenced by the low volume of trade. Less than EUR 2.7 billion changed hands on the great values ​​of the Paris stock exchange.

Having dithered for most of the session, the other major European markets have also opted for the green in the very last lap. Frankfurt was up 2.88%, 1.98% London and Milan by 1.91%.Wall Street awaited with optimism after the Fed meeting on Wednesday night and set the tone for European stock markets. In session, the Dow Jones gained 1.11% and the Nasdaq 0.94%.

The bank attack

Paris, accused the coup briefly in mid-afternoon, after the publication of a report by the IMF lowered its growth forecasts in the world no fax payday loans. The organization has also warned against the risk of destabilizing the global financial system if the debt crisis continues to get bogged down in the euro area.

The Paris market, however retained a great excitement to the crisis of debt in the euro area and remained suspended including ongoing negotiations to prevent bankruptcy of Greece.A new conference was scheduled yesterday in the afternoon between the Greek Finance Minister Evangelos Venizelos and the "troika" of the creditors of the country, European Commission, European Central Bank and IMF. The outcome of these negotiations is crucial for the country. It conditions the payment in October of the sixth round of eight billion euros of the loan last year in the euro area country and the IMF.

In Paris, the banking sector was again manhandled. Societe Generale lost 3.08% and 6.52% BNP Paribas, Credit Agricole 2.11% however the titles sensitive to the dollar ended sharply higher, with the image of LVMH (3.64%) and EADS (3.11%).

Bid rates on bank books

The French, who have cash to invest are spoiled for choice. Since early September, the war of books has flared up: banks, especially those dedicated to the Internet, engaging in a battle of promotional offers to attract home savers' deposits. They need the cash to finance themselves with it.

Some institutions are content, as in the past, offering a promotional rate of 4.5% or 5% (3 to 3.3% after tax) for two or three months for the opening of a new booklet . The good thing is short lived as the remuneration then falls to 1.75% or 2%. This string – display a high rate for a short time – is well known to subscribers.

Other institutions so attempting to stand out by offering lower rates, but longer guaranteed.This is for example the strategy of Cortal Consors (BNP Paribas), initiated by the summer. The property offers on new books 3.25% gross, but for 12 months (up to fifty million). Another subsidiary of BNP Paribas, Cetelem, also puts forward a savings account strictly identical conditions.

Rates guaranteed for one year

A fixed fee for one year is attractive for investors tired of "doing bounty hunting", that is to say, to transfer their capital from one institution to another and from one book to another, to take advantage of new offers short term personal loans. Other institutions are on the same register, even more cleverly. BforBank, a subsidiary of Credit Agricole, has revived some of its customers by promising 3% guaranteed, again for a year.But unlike other promotional offers reserved for the opening of a new book (or new installments of a book already exists), BforBank promises to serve this rate on any outstanding, that is to say also to amounts already invested in the booklet provided only "activate" the promotional offer.

That all customers BforBank not rejoice too quickly! The promotion was targeted: only those whose libretto is not too BforBank garni – and do not cost too much in interest to the bank – received the proposal. BforBank wishes to draw the subscriptions, but not at any price ….

The war is won booklets also in the field of customer segmentation. Like passengers on a plane, none of which paid for his ticket at the same price, investors who subscribed have the same book – a few months later – at all the same pay.Those who wanted to transfer their money have sometimes been offered to extend more interesting than those who leave the bed.

And those who have transferred their capital elsewhere without closing the book are offered more attractive rates for recharging …

Wall Street still heavily lower

Concern persists on Wall Street. In early trade, the Dow Jones unscrewed from 2.06% to 11,008 points, the Nasdaq 3.10% to loose 2408 points and the S & P lost 2.74% to 1140 points. As in Europe, signs of nervousness are palpable. The volume of trade is still very well fleshed out and heightened volatility. "At this stage, investors dizzy," says Oliver Pursche, president of Gary Goldberg Financial Services.

On Wednesday, Greece again worried investors. The country plans to expand its exchange program to include obligations of the securities in the longer term, which penalizes first private creditors.

In addition, operators are even very concerned about the state of the U.S. economy. Yesterday, the world stock markets have overreacted, and positive against all odds, to about the Fed.This has indeed ensured that it would maintain its rates at a historical low, and until mid-2013 to support the economy. Its leaders also promised various stimulus, but without specifying its content. It will probably wait until his final release in late August. On the merits, however, the Fed has painted a disturbing report from the world's largest economy. Growth, pointing in particular the U.S. central bank, is growing at an annual rate of less than 1% in the first half, where the institution expected, earlier this year, more than 3%.

In contrast, oil prices were up sharply at the opening Wednesday in New York, in a market where investors were trying to regain footing after heavy losses, and pending the report of the stocks in the United States payday loans.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for September delivery was trading at 81.20 dollars, up 2.40 dollars compared to the previous day.

Cisco News Corp expected

On the business side, Cisco (-1.68% to 13.82 dollars) will unveil its results later this evening the fourth quarter, along with News Corp (-5.36% to 13.77 dollars).

Disney (-12.72% to 30.29 dollars) falls after the media group has yet announced quarterly results better than expected thanks to strong advertising revenue on its cable networks.

The title of U.S. internet group AOL (-8.85% to 10.20 dollars) has lost over a quarter of its value on Tuesday at the New York Stock Exchange after the release of disappointing quarterly earnings and lower forecasts. The stock has dropped 25.75% against the current of a market up sharply.The action even reached 10.36 dollars during the session, the lowest price ever since the split with Time Warner in 2009.

Facebook on Tuesday launched a new application for mobile phones iPhone (Apple) and those equipped with the Android operating system (Google) to send messages to his "friends" on social networking, but also to other contacts. Called "Messenger", the application can send both text messages (SMS) and email.

Apple (-1.11% to 369.85 dollars) briefly delighted yesterday to ExxonMobil, its position as the first market capitalization.

The government is mobilizing to the development of telework

Working from home one or two days a week: an impossible dream for most of the French, a reality for many Americans or Scandinavians. While telecommuting is over 30% in Finland, Sweden or the United States, it reaches 18% on average in Europe, it lags behind true in France with a rate of 9%.

However, telework is now greatly facilitated by the development of broadband networks and the boom in smartphones. But the benefits are many, for the employee, but also for businesses and the community. For the employee, it reduces stress, travel time, can increase efficiency and to better balance professional and personal life. For the company, it is a source of local savings and productivity gains.It is also an element of flexibility because it can help extend the service to customers, allowing more time slots adapted to their needs. Finally, for the community, promotes telework planning, reduced emissions of greenhouse gas emissions and relieving congestion. Thus, according to estimates, telecommuting one day a week could reduce by 5% carbon emissions.

Main obstacle: the manager

With this in mind, Eric Besson, Minister of Industry, is determined to eliminate the backlog of France. Pragmatic, he launched a study on the practice of telework in large companies. The results of this study will be published later this year.Conducted by the consulting firm Greenworking, this study aims to identify best practices and identify key success factors to foster the spread of teleworking in France. More than a dozen major companies have already agreed to participate in the study.

In the public sector, negotiations on telework in 2011. In the private sector, a dozen agreements were signed last year in large groups in the CAC 40. Based on volunteering, telework arrangements have been set up at Renault, Alcatel-Lucent, Dassault Systems, EDF, France Telecom and Microsoft. Axa, which has 76 telecommuters, the goal is to move to 200 people by the end of 2012.

But the brakes remain. Rather than legal, they are primarily cultural.Some employees are more justification in their work attendance and their results. But it is mainly the managers who are often opposed, fearing the loss of part of their power and status … Even if, ultimately, the overall results of their teams are improved.

The Cac hesitates on the threshold of 4000 points

The Paris Bourse is stabilized Friday morning after a nice session of increase recorded last night leCac 40 opens to the balance (-0.01% to 3981.96 points, still close to 4000 points a threshold that has not been touched for a month. The Greek situation reassured the financial world yesterday, as the Greek Parliament finally adopted the unpopular austerity plan, paving the way for the release of a next tranche of aid from the European Union and the International Monetary Fund. The euro has risen, moving at more than $ 1.45 this morning.

To be continued this morning Markit manufacturing PMI this afternoon and consumer confidence from the University of Michigan in June (2nd estimate), construction spending in May and the ISM index of activity in industry in June.

Investors also will monitor the U.S., where the issue of debt escalates.One report indicates that U.S. lawmakers should agree within three weeks on raising the debt ceiling, or the country will default.Timothy Geithner, the Secretary of the Treasury, would resign.

The figures in the automotive market

The Committee of French Automobile Manufacturers (CCFA) has released figures this morning the car market for the month of June and first half: the new car registrations in France fell 12.6% in June, in gross, with 210,236 units sold, Renault (-0.88% to 40.52 eruos) showing a plunge of 29.3%, said Friday the Committee of French Automobile Manufacturers (CCFA).

Renault breaks the price of his Renault Twingo, faced with falling sales, will sell for the first time one of his vehicles, the little Twingo at a price lower than the Logan, the model input range of its Romanian subsidiary Dacia, according to La Tribune.

PSA (-0.63% to 30.67 euros) is increasing in India The automaker is expected to invest 620 million euros in building its future manufacturing site in India, according to Les Echos. PSA will implement this facility in the state of Tamil Nadu, south of the country.

EDF EN signs a big contract

EDF. EDF Energies Nouvelles (-0.13% to 39.64 euros), a subsidiary of French group dedicated to renewable energy, has signed with the Danish Vestas Wind Systems for the use of wind turbines in Europe and the United States pay day loan lenders. The contract could provide the French operator up to 2000 megawatts over the period 2012-2014. The transaction amount was not disclosed.

LVMH (-0.36% to 123.65 euros).Philippe Pascal, who led for ten years, watches and jewelry division of LVMH, has been appointed adviser to Bernard Arnault, CEO of the world's number one luxury.

Areva (0.08% to 25.73 euros) said Thursday that the strategy developed since the creation of nuclear group by Anne Lauvergeon was a "success" and that his replacement did not involve a change of course.

EADS (-0.35% to 23 euros) Thursday announced the successful acquisition, through its subsidiary Eurocopter, the Canadian aerospace supplier Vector Aerospace, 98.32% of shares were made to the offer made in late May.

TF1 (0.48% to 12.60 euros) Thursday announced to be in negotiations to become the sole shareholder of Metro France, the eponymous owner of the free newspaper which claims 2.4 million daily readers.

Carrefour (-0.35% to 28.22 euros) has signed an agreement with Pixmania, the specialist in consumer electronics, to catch up in online sales of non-food.

Bénéteau (0.37% to 14.90 euros), leading manufacturer of sail, said that sales in the first nine months of fiscal year 2010-2011 and the level of its order book allowed him to confirmed its target of annual turnover of 920 million euros.

BioAlliance (-4.92% to 5.80 euros) Friday announced the launch of a capital increase of EUR 16.6 million to accelerate development of its portfolio of orphan drugs in oncology, particularly Livatag .

CGG Veritas (-3.13% to 24.60 euros): Goldman Sachs cut its price target to 29 euros against 31 euros previously and released the value of its company preferred.

Teleperformance (0.96%) would be an ideal target for a fund specializing in buyout leverage (LBO), analysts said while the global call center is not in debt and that its Capital is not controlled.

Valeo (2.47% to 48.24 euros) from the list of preferred values ​​of Morgan Stanley. The intermediate course is 67 euros.