Bank recapitalization should be conducted in a "coordinated" by members of the euro area to counter "the threat of systemic crisis that is taking shape," said José Manuel Barroso. Specifically, it proposes to raise the minimum capital "hard" of banks, without giving precise figures. To achieve this, banks must first use of private sources of funding and, if necessary, seek the support of the national authority. If the state is not able to provide the necessary assistance to the bank, a loan will be contracted by the EFSF.

In the absence of recapitalization, the banks should not pay bonuses or dividends, said Jose Manuel Barroso.Their exposure to sovereign debt should be evaluated "in a transparent manner overnight pay day loans."

The EFSF, rose to be replaced mid-2012

In addition, the sixth tranche of aid to Greece must be paid, said the President of the Commission. The country should also get a second loan that would be based on "sufficient funding for the participation of public and private sectors."

Other Commission proposals: the EFSF must be increased to "maximize" his strike force. This must be done through a "leveraged" with no financial guarantees for new states. In addition, Jose Manuel Barroso called again to accelerate the establishment of permanent mechanism should succeed the EFSF. The "European Financial Stability Mechanism" (MES) is projected by the President of the Commission, to take effect mid-2012, not mid-2013 as planned.With 500 billion euros of lending capacity, this mechanism would directly buy the debt of the states in the primary market, not like today only in loans.

Finally, José Manuel Barroso is also income, without naming them, the "Eurobonds", or "Eurobonds", mentioned as a solution to the debt crisis. The Commission will present by the end of the year, a proposal to allow the creation of the "obligations of stability."

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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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For collectors, it is a copy of most in the series of Euro regions (silver coins with a face containing the names of 27 French regions). "This piece represents a safe investment, since it still be worth at least face value," it says to the Monnaie de Paris. An argument that has more weight than other investments are sad mine.

When she threw parts of the regions 10 euros in cash (one model per region), the Monnaie de Paris had found at his door in the morning thousands of individuals. And the quota available on the Internet had passed in less than a morning on a one-piece per second. Fans will do so many this time? Gold is the ultimate safe haven, but today it is no longer 10, but 200 euros to be paid to pocket a new gold coin. Verdict noon.

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Two pilots notice

The first is the drivers. Tuesday, three minority unions – the SPAF, the Alter and R'Ways – have in fact filed a strike notice for the same July 29 to August 1. As the crew before them, the drivers are protesting against the offensive "anti-low cost" Air France plans to launch in its databases province. The new operation is expected to result, according to the drivers, an increase in the number of hours worked and trips a day.

For now, this movement somewhat worried the company, which does not anticipate any disruption in traffic this particular weekend. She feared much more the second notice, filed for the weekend of August 5 to 8, by the powerful pilots' union SNPL. Especially since the solutions to this conflict then escape it, since it is the government that is directly targeted. The pilots claim in fact the culmination of the reform of the Pension Fund of seafarers, which began three years ago. This morning, Labour Minister Xavier Bertrand told Europe 1 radio he was "hopeful" of finding a solution to the conflict. A mediator was appointed in early July to resolve this issue, which divides pilots and cabin crew.Raphael Hadas-Lebel, who assumes the function of mediator in addition to the Chairman of the Board of Retirement Guidance (NRC) "shall make its findings in the coming hours," said Xavier Bertrand this morning payday loans for bad credit.

The mechanics harden the tone

But at the same time, the management of Air France must also manage a third conflict, less publicized than those of pilots and aircrew, but highly impacting: some 4000 engineers responsible for maintenance of 260 units of the company practice of walkouts, for seven weeks.

If the company minimizes the facts explaining that stoppages of one or more hours that are 50 to 100 people, the impact on traffic is nonetheless real. According to Le Parisien, Aujourd'hui en France, long flights and medium-haul flights from Paris-Charles de Gaulle accuse each day delays of 15 to 20 minutes.Management also recognizes that it is obliged to postpone the launch of a two-plane in the evening to morning. Orly airport and Toulouse are also affected.

And before the stalled negotiations on wage demands, the engineers are threatening to get tough tonight at 22 hours. "Delays are possible and we do not exclude some cancellations," said Air France AFP. Alert bulletins on traffic conditions are published to the attention of travelers on the website of the company.

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While the Speaker of the House John Boehner had slammed the door to negotiations with the White House on Friday night, negotiations continued behind the scenes throughout the weekend between the Democratic allies of President Barack Obama, the Senate majority and their Republican opponents, who control the House of Representatives. But John Boehner told his troops on Sunday night that no breakthrough had yet been obtained.The head of the Republican majority in the House, Eric Cantor, considered the arguments of President Barack Obama "politics and indefensible."

The situation becomes very tense nine days of the deadline mentioned by the Treasury before a default. This morning, this concern has led to a relapse of the Asian markets. For their part, the U.S. markets, which had already ended Friday without direction, were on the downside Sunday night in electronic trading at the end of the weekend.

Greece is also in the news: Moody's today lowered the country's sovereign rating of "Caa1" from "It" with a development, saying the country was still facing major challenges medium-term credit.

Oil down

On the currency side, the dollar is penalized. The euro is rising against the greenback at 1.4367 dollar.Oil is also down. In morning trading, a barrel of "light sweet crude" for August delivery lost 1.08 dollars to 98.79 dollars. That of Brent North Sea crude for September delivery lost 60 cents to 118.07 dollars.

The American situation is also the only concern when no market indicator is expected on Monday.

Values ​​to follow

Areva: -1.83% to 24.88 euros, EDF: 0.28% to 27.24 euros

The new president of Areva, Luc Oursel, who succeeded Anne Lauvergeon end of June, will make his first official Monday by hosting one of its plants EDF's CEO Henri Proglio, showing the warming of relations between the two groups. EDF and Areva have signed an agreement at that time technically and commercially, prior to a more ambitious partnership signed in September low fee cash advance.

Banking

Crédit Agricole (-1.87% to 9.25 euros), BNP Paribas (-1.75% to 47.96 euros), Societe Generale (-1.75% to 37.41 euros), Axa (-1, 60% to 14.10 euros) suffer from degradation of the note of Greece by Moody's.

Axa, while welcoming the agreement reached by EU leaders on Greece, the insurers of the French Federation of Insurance Companies (FFSA) said they consider positively their participation in the project initiative of private investors in As part of the options.

Score: -0.24% to 18.50 euros

The reinsurer Scor said on Monday a 22% growth in constant currencies, the treaty renewals in non-life and specialties of the 320 million of premiums up for renewal in mid-year.

Saint-Gobain: -0.69% to 42.18 euros

The group will buy the network and Brossette Build Center in Wolseley.

Unibail-Rodamco: 0.51% to 158.30 euros; Klépierre: -0.13% to 27.14 euros

HSBC has initiated coverage of Unibail-Rodamco to "overweight" with a target price of 175 euros and raised its recommendation on Klépierre to "underweight" to "neutral."

LVMH: 0.08% to 129.35 euros

Consob is considering a complaint from an investment fund over the price offered to pay the French to buy the balance of Bulgari, confirmed Sunday a spokesman for the Italian stock market.

Total: -0.11% to 39.41 euros

The oil amounts to ten billion dollars (seven billion euros) of investment needed to develop the oil field north of Moho Bilondo off the coast of the Republic of Congo, said its CEO, Christophe de Margerie.

Valeo: -3.94% to 45.35 euros

The group announced Friday that its U.S. subsidiary Valeo Inc., based in Troy, Michigan, had received a request for information from the U.S. court as part of an antitrust investigation.

Fimalac: 0.29% to 27.90 euros

The group announced a sales increase of 11.9% on a comparable basis to 515.8 million euros in the first nine months of fiscal year 2010-2011.Its subsidiary, the rating agency Fitch Ratings has led to an increase of 11.7% of its turnover over the same period to 401.5 million euros.

After market, Seb and Klépierre publish their half year results, April Group will announce its earnings for the second quarter, Faiveley the first quarter. Mercialys and STMicroelectronics will publish their results for the second quarter.

No tax on banks in the European level

Nicolas Sarkozy and Angela Merkel did not present the details of the compromise. They prefer to reserve the premiere of the content of this agreement for seventeen countries of the monetary union when they meet in Brussels. The Franco-German consensus as a basis for negotiations between the countries of the eurozone.

Still, the Franco-German snatched in the night is "a prerequisite" to a European compromise in Brussels, said this morning on France 2 Valérie Pécresse, budget minister and spokesman of the French government. "We must find a way to stop international speculation and stabilize the euro area", had said his side in the evening the French Foreign Minister, Alain Juppe, in Madrid. He added: "If the euro broke out, it would be a catastrophe." If not addressed on Greece "the consequences will be felt throughout Europe and beyond," stated yesterday the President of the European executive, Jose Manuel Barroso, calling the situation "very serious". "Borrowing 30 years "

The plan under discussion would be based in part on a private sector contribution of 32 billion euros over three years no credit check payday loans.It would ease the debt of Athens and would extend the term of the loans (up to thirty years), while remaining sustainable for the Greek economy. Along the lines of this project, private creditors would participate actively in the rescue of Greece, but each of these banks would remain free to choose the terms of its contribution from three possibilities.

Moreover, the German daily Bild reported that several leaders of major European banks will be involved in discussions. Josef Ackermann, the influential head of the first German bank Deutsche Bank, will include some of the participants in the summit, said the newspaper.

Diversification and increase in Fund resources Stability

In addition, the amount allocated to the European financial stability, currently 440 billion euros, should be raised. Europeans could also expand its missions.The latter lend in Athens what buy its own debt in the market for a price usually mentioned by 60% of their face value. Such an option would have the advantage of reducing the debt burden of the country to enable it to regain growth and ultimately solvency. The fund could also reduce the interest rate and lengthen the maturity of its loans to Greece, flexibility Ireland and Portugal could then benefit.

The suspense will last a few hours, the agreement between the countries of the eurozone is expected in the evening. But now, after the meeting between France and Germany, the euro is slightly redrese 1.4254 dollars.

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Some officials of the Federal Reserve were willing to further easing in monetary policy if the recovery was too soft to flow back as long as unemployment and inflation is slowing, according to the minutes of the last meeting of the U.S. central bank released last night.The Fed had not so far as clearly suggested that a third series of so-called quantitative easing could be considered after the end of the second round of $ 600 billion at the end of June

Good news this morning, with the growth of China's GDP reached 9.5% in the second quarter, a faster pace than expected, which supported the Asian markets this morning.

On the foreign exchange market, the euro has stabilized at 1.4061 dollars against 1.3974 dollars late Tuesday while oil drops. In morning trading, a barrel of "light sweet crude" for August delivery lost 41 cents to 97.02 dollars. That of Brent North Sea crude for delivery yielded the same 43 cents to 117.32 dollars.

On the macroeconomic front, investors will also monitor the continued publication of results of companies in the United States.Alcoa opened the ball of the ads on Monday after closing. Its earnings were revealed in below expectations, but its sales exceeded estimates and Alcoa has confirmed its forecast for demand growth in aluminum.

JPMorgan Chase will be the first major U.S. banks to issue, with results expected tomorrow, the same day as Google, which will set the tone for the technology. Investors will know very quickly if the U.S. financial sector has suffered from the decline in trading activities. These results also give a taste of the figures will be announced later by European banks.

According to Thomson Reuters data, the results of listed companies on the S & P 500 should show an average increase of 7.3% compared to second quarter 2010.But this increase could be higher if a majority of companies beat the consensus.

Wave of redemptions

Meanwhile, mergers and acquisitions continue to multiply on Wall Street.

The side of values, Electronic Arts has announced the acquisition of PopCap Games, a provider of video games for $ 1.3 billion including $ 650 million in cash, 100 million and the balance in action in the form of contingent payments by December 2013. In addition, the company should record a first quarter loss per share 0.37 to $ 0.40 against a loss of $ 0.24 per share last year.The turnover should be between 500 and 525 million against 539 million a year earlier.

Always on the side of values, UDR announced the acquisition of three housing estates for community $ 687 million and four development projects for $ 375 million.

Validus Holdings Ltd submitted a proposal for redemption Transatlantic Holdings (TRH) at a price of 55.95 dollars per share.

In addition, the Icelandic company that collects money for the site Wikileaks has sent a complaint to the European Commission against the credit card giants Visa and MasterCard for blocking since the end of 2010 donations to the site, his lawyer said Wednesday.

Also note, the U.S. court on Tuesday approved an initial payment of $ 272 million to victims of the scam of the old American financier Bernard Madoff by the liquidator of the fund, Irving Picard.

The new finance minister succeeds George Papaconstantinou, in office since the victory of the Greek socialist party (PASOK) in the legislative elections of October 2009. Principal architect of the austerity suffered by Greece to cover its deficits, George Papaconstantinou was in the front line of the anger expressed in the street by the Greek people. Finance aside, it remains in the government team in charge of the Environment.

Curb the social crisis and negotiate with creditors

Before arriving in the team Papandreou, Evangelos Venizelos, 54, had held many ministerial posts in previous socialist governments in the mid-1990s, including the voice of the government, Minister of Justice and Minister Development. He will now have the task of curbing the financial and social crisis in Greece and negotiate with creditors.

In Defense Venizelos is replaced by a close associate of Prime Minister Georges Papandreou, Panos Beglitis.Another relative, Stavros Lambrinidis, was appointed Foreign Affairs.

Faced with conflicting pressures of creditors of the country and the street, and the refusal of the main opposition party the right to form a national unity government, the prime minister announced Wednesday he would proceed to reshuffle and he would ask in the wake of confidence in parliament. By sacrificing his finance minister, George Papandreou shade his last card. If the new team fails to resolve the crisis, keeping its own head of government will be compromised.The question is whether this game of musical chairs will be enough to calm the anger of the street.

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• What is a MVNO?

The acronym stands for MVNO Mobile Virtual Network Operator. Translated by "mobile virtual operator" or "no operator's own network," he means an operator who does not have spectrum or infrastructure.Appeared in France in 2005 to deregulate the telecom sector, so these new actors use an existing network, content to buy from the incumbent operators (Orange, SFR and Bouygues) of the minutes of their telephone then sell to their customers under their own brand, and to freely set their rates. The lack of investment, extremely heavy to develop its own network, allowing them to offer more competitive rates of around 15% to 30% depending on the offers. However, funding for equipment (reimbursement of part of the phone purchased at the time of signing the Contract) is often low or even zero. Hence the overall time commitment shorter than big operators.

• Who are the main MVNO?

According to the criteria Arcep (Regulatory Authority for electronic communications and postal services), are considered only MVNO operators virtual assets is not controlled mainly by a network operator. The first, and one of the oldest among them is Virgin Mobile, which uses the Orange network and accounts for about 2 million customers after a gain of 161,000 customers in the first quarter of 2011.Other MVNOs independent, we find NRJ Mobile, Omer Mobile (Virgin Mobile, Breizh Mobile, Mobile Casino, Mobile Tele 2) Afone, Auchan Telecom, Carrefour Mobile, Coriolis Telecom … According to Arcep, MVNOs controlled by operators network are German Debitel (SFR), Mobisud (SFR), Ten (Orange) and Neuf Cegetel (SFR).

• What is their weight against incumbents?

According to the latest figures from Arcep, the market share of these operators has reached 8.4% in the first quarter of 2011, 5.294 of customers / lines, against 7.5% a quarter earlier (4.7 million customers / lines). A jump rarely observed, partly due to terminations "without charge" offered by the incumbents when the VAT hike in telecom.In the first three months of the year, Orange, SFR and Bouygues have lost about 542,000 customers, cons 566,000 SIM cards earned by virtual operators. Long, these MVNOs have struggled to take off, remaining stuck on the 5% market share. In France, the number of virtual operators is generally the average of other European countries, but their relative weight remained below the European average (13%). To observers, the weight could quickly exceed 10%.

• Why market share has it difficult to take off?

At first glance, this growth remains weak. However, "at the time of their appearance there are 4 or 5 years, we would not bet on this rate of progress," an expert analysis of the sector.For cause, "the mobile market is marked by a certain inertia, with only 25% of subscribers who switch operators each year, for, most often spend an incumbent to another."

Especially since the captive customers of Orange, SFR and Bouygues is accentuated by long periods of time commitments (usually 12 or 24 months). With growth in the number of subscribers increases by a further 3 to 4% per year, "at the end, the MVNO capture each year between 9 and 10% of gross new subscribers," concludes the analyst. "In five years they have managed to build a position not so bad, with marketing means much more limited than those of larger operators."

• MVNOs are they a threat to Orange, SFR, Bouygues?

Certainly, the presence of these players has driven prices down, in a market long remained oligopolistic.However, network operators also have an interest in the existence of MVNOs, praising them as their network, and offering some of their services (voice, customer service …) they optimize the use of their infrastructure. They can also grow rapidly in population or niche clientele where they are still very present.Some MVNOs have indeed relied on population categories (geographic, cultural, ethnic, business, etc.). By taking control of the MVNO, the incumbent attracts new customers with offers less traditional but particularly well adapted to a particular population segment.

• The licensing 4G is it good news for these operators?

The terms of the call for tenders launched May 16 by the Ministry of Industry for the licensing of fourth generation (4G) to exploit frequency at very high speed, was a priori well received by MVNOs. They consider that the division of lots allows small operators to try their luck. However, unlikely that one of them decides to enter only the dance.Eric Besson, Minister of Industry, Energy and the Digital Economy, believes that "nothing prevents the entry of a fifth mobile operator (with Orange, SFR, Bouygues and Free ). But technically and financially, the operation would be a miracle.

"The ticket to a single lot on the frequencies in the 2.6 GHz band is 150 million euros, said an analyst in Paris. Now, a new entrant can hardly afford a single lot, as it would soon be limited in terms of throughput, and therefore very little competitive. " Moreover, beyond the high price of lots, the acquisition of licenses from a new entrant assumes that subsequently develops its own network, and thus it furnishes a hand in his pocket. For example, Free, who began to build its own 3G network after obtaining his license two years ago, has estimated its capital to 1 billion euros over five years.And this just for the antennas. Unless several MVNOs together to diversify the sector with network operators, only Free seems to be able to shake the current landscape.

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The federal Department of Labor expects an influx of nearly 100,000 people per year. "Most are young, educated and mobile," the ministry said. Candidates for a job in Germany should mainly come from two neighboring countries: Poland and the Czech Republic.Faced with a shortage of engineers, computer scientists, executives, doctors, caregivers and skilled workers, especially in construction, German companies consider the arrival of these immigrants as an opportunity . But they will not be enough to fill the shortage.

Fear of unions

The Federation of German Chambers of Commerce estimated that it would bring in about 400,000 immigrants a year to compensate for the lack of manpower. German MEP, Nadja Hirsch sees open borders as an opportunity. "Germany is in dire need of skilled workers," she says, while the labor force is projected to decline by 6.5 million people by 2025. "Such a decline can be offset by better education, better integration of women into the labor market or the lengthening of working life.We need foreign workers and would have opened our borders sooner, "she laments.

In 2009, Germany and Austria were the only countries in the European Union to postpone by two years of opening their labor markets to nationals from eight former communist countries that joined in 2004 (Poland, Czech Republic Slovakia, Slovenia, Hungary, Latvia, Lithuania, Estonia).

But since the economic situation has changed. The unemployment rate in Germany (7.3%) declined further in April. The number of unemployed to fall permanently below 3 million in 2011. While they had hands to negotiate wage increases consequent industry by industry, unions are concerned that the influx of immigrants helps sustain job insecurity and wage dumping.

Berlin has announced tighter controls on illegal workers and wage dumping."We will strengthen controls particularly in the construction industry, cleaning of buildings, medical care and food," said German Minister Ursula von der Leyen. The finance minister, Wolfgang Schäuble, promises more systematic control. "The controllers of black workers are 150 additional posts this year. For 2012 and 2013, we still want to create 100 more per year, "he said.