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It will be less than 100 billion euros. EU finance ministers have welcomed "positive" on Sunday night requesting assistance from Ireland and were willing in principle to give them the benefit of a support plan to rescue its banks in crisis. "I can confirm that the Government has made an application to the European Union and it was accepted," said Irish Prime Minister Brian Cowen in the aftermath.

Earlier in the day, Finance Minister Brian Lenihan, announced that he would recommend to his colleagues to use the bailout of the European Union and the International Monetary Fund. The government met in an extraordinary way Sunday afternoon to finalize a new austerity plan, a condition for obtaining this aid.Ireland had, however, until early last week, rejected the idea of such assistance.

The exact amount of aid has not been set

It was during a conference call meeting that the ministers of the euro area have given their green light in principle to Dublin to benefit from the international level. The amount of aid has not been set at this point. The Belgian Finance Minister Didier Reynders, whose country holds the EU presidency, spoke Sunday night a total volume of "less than 100 billion euros". According to the British daily Financial Times, it will be between 80 and 90 billion.

This assistance will be financed partly by a "mechanism of the European Finance Facility" – a loan package of up to 60 billion euros in loans guaranteed by the EU budget – by the European Financial Stability – up to 440 billion euros in loans guaranteed by the countries of the eurozone and other European countries outside the euro area who want – and finally by the IMF. This three-part plan to help a country in the euro area financial difficulties had been implemented in the spring following the debt crisis in Greece. This support also provided on Ireland comforted investors: the foreign exchange market, the euro is recovering, and settled back above the $ 1.37 bar.

"Social disorder"

Above all, the first step is to organize resistance testing of the institutions concerned, "said Irish Finance Minister.Brian Lenihan said he was confident that the IMF and the EU approves new Irish austerity plan. The government does not however affect the very low corporate tax, as called Paris. The austerity plan designed to save 15 billion over four years, nearly 10% of the total Gross Domestic Product (GDP) in Ireland. The deficit must be reduced by 32% this year (in cash assistance to banks) to 3% in 2014, as required by European rules.

If the government does not touch the corporate tax, it will lower the minimum wage, one of the highest in Europe. It would rammen of 8.65 euros to 7.65 euros an hour. This measure, and the austerity plan as a whole, will cause "social unrest," warned the head of the second industry union TEEU, Eamon Devoy. His organization calls for "civil disobedience".A day of events is planned next Saturday.

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The Paris Bourse is doing well this Monday: at the close, the CAC 40 gained 0.86% at 3864.24 points. Yet the news is rather disturbing to the front of the European sovereign debt, particularly in Ireland and Portugal.The enthusiasm on the European stock exchanges – London up 0.41% to 5,820.41 points and Frankfurt from 0.82% to 6790.17 points – not so much follow the United States, where Wall Street earns only 0.4% to 17.30 (Dow Jones), shared between a good clue about retail sales, which recorded its strongest growth in seven months and a manufacturing index from the Federal Reserve Bank of New York who fell in November.

The meeting had also not started well for the CAC 40 index in Paris was opened in the red before returning slowly to equilibrium noon and continue its progress throughout the day.

The spectrum of European debts remains still very present: the latest rumor to date, Brussels could unblock some 70 billion euros to help Ireland. For its part, Portugal is considering leaving the eurozone.Finally, the Greek Prime Minister George Papandreou has not ruled out Sunday refers to the possibility of an extension of the duration of the loan of 110 billion euros in May granted to Greece by the European Union and the Fund IMF.

Friday, those concerns had already led the CAC 40 and the U.S. indexes downward. On Monday, Asian stock market also gave a very encouraging signal. Meanwhile, on the currency markets, the euro accentuated its losses against the dollar in late morning.Around 17:30 hours in Paris, the euro was worth 1.3596 dollars.

Turnover jumped EDF, NicOx in great shape

The Australian PGA has offered 9.6 billion euros for the acquisition of AXA Asia-Pacific, Asian branch of the French insurer Axa (+1.85% to 13.49 euros, the largest increase in ACC ) in Australia and New Zealand.

CAC 40 Off, Seb registered the largest increase of the SBF 120 (4.43% to 71.15 euros) for technical reasons. Just behind, leaped NicOx (7.52% to 2.40 euros).Bausch + Lomb partner launching a Phase 2b clinical study in the treatment of glaucoma.

Remy Cointreau (1.56% to 53 euros) has decided to sell its branch champagne, which includes brands Piper-Heidsieck and Charles Heidsieck, after trying to restructure.

Casino (2.10% to 68 euros) would be prepared to put between 800 and 900 million euros on the table to buy the Carrefour opened 40 stores in Thailand, according Wansquare and Les Echos.

According to Le Figaro on Monday, Carrefour (0.93% to 37.95 euros) would encounter difficulty in the launch of Planet, its new superstore concept.The deployment, which should reinvigorate sales of the largest distributor's stores, will not start before the end of the first half of 2011 and at a pace slower than expected.

Danone (0.72% to 46.45 euros) could partially redeem the U.S. Mead Johnson Nutrition (JN), valued 12.3 billion to develop in the baby food and emerging markets. The funds for this transaction come from the sale of the water division of the group.

EDF rose 0.40%

EDF (+0.40% at 32.68 euros) reported before trading a turnover up 9.5% to 52.9 billion euros in the first nine months of the year. The group also confirmed its earnings targets for the whole of 2010.Titles climbed from 0.22% to 32.63 euros.

The 23 works councils of companies working for the Hermes Group have expressed their support for the family shareholders of Hermes (-1.16% to 149.30 euros) against the invasion of LVMH (0.65% at 116 , 85 euros) in the group's capital.

ArcelorMittal (-0.85% to 25.51 euros) would be interested in the Massey Energy coal if they decide to offer for sale, the Wall Street Journal, citing people familiar with the matter.

Steria (2.10% to 19.24 euros) won a contract worth 70 million euros with British society DSTL, according to a statement released Monday by the group.

The supervisory board of Areva (-0.79% to 344.90 euros), originally scheduled for Tuesday, November 16 to approve the launch of a capital increase will be delayed until early next week, La Tribune reported Monday.

From our special correspondent in Seoul, Alexandrine Bouilhet.

The G20 just to bury the hatchet on the coins. Meeting of Heads of State and Governments of the twenty largest world powers opened last night in a tense, because of the strong opposition between Chinese and Americans on the front of currencies. "When we discussed the terms of currencies, the atmosphere was so stuffy in the room, we had to open the door!" Said one diplomat Korean.

The working dinner of Heads of State, chaired by the Korean Lee Myung Bak, failed to find an acceptable compromise."All countries must make concessions," urged the South Korean president, who had deliberately placed the dinner, President Barack Obama in front of his main opponents on the issue of currency: Hu Jintao (China) Lula da Silva (Brazil), Angela Merkel (Germany), and Dmitry Medvedev (Russia).

At dinner, Chinese and Americans insisted on the "need for cooperation," but, on the coins, they are sticking to their positions: Hu Jintao will not be imposed by the G20 a revaluation of the yuan more candid when he accuses the United States, issued the world's reserve currency, to depreciate the dollar cool business cards voluntarily. The Chinese are not alone in criticizing the U.S. monetary policy.Europeans, Angela Merkel at the head, then Russians and Brazilians said to Barack Obama all the evil they thought the Fed's decision to inject $ 600 billion into the monetary system, to revive the economy.

The U.S. president was forced to defend the action of the Federal Reserve, in principle independent, placing it in an uncomfortable situation. Barack Obama has assured his peers especially that "the U.S. does not seek to weaken the dollar to gain in competitiveness. Not always convincing.

Towards a compromise "less ambitious" than that of Gyeongju

Failing agreement between heads of state, the "sherpas" G20 continued to work until 3 am on the final communique. But they went to bed without finding a satisfactory compromise."We want to send a message criticizing the competitive devaluations, as the notorious undervaluation of certain currencies, but in the present context, it is not easy!" Said one trader.

At this stage, the proposed compromise on the currency would be "less ambitious" than that reached by the G20 Finance Ministers, in Gyeongju (Korea). "The Fed's decision has robbed the Chinese, which brought us one step back," lamented a European diplomat.

"Need for sustainable growth and balanced"

Failing to extract a commitment on the Chinese yuan, the U.S. insists to get in the final communique, firm commitments for the reduction of current account imbalances. "We want to stimulate growth at home but also abroad," urged Barack OMAB.This should translate to Americans, by creating a new "mechanism" requiring exporting countries China, Germany, Japan to reduce their current account surpluses, which would translate into practice by opening new markets to foreign companies Professional Business Cards . Washington has given up trying to impose the limits of 4% surplus or deficits, a goal firmly rejected by Berlin before the summit.

But Barack Obama insists: if domestic demand and falling deficits in the United States, without China or other countries with high savings take over consumption, "it will result in a decrease of growth" for the world wide."You see, we find an agreement by all countries including Germany, the fact that we need a sustainable and balanced growth," said Barack Obama. Answer today in Seoul.

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This is the day that makes everyone nervous, both market participants (traders, Ed) as investors. Friday will produce the phenomenon of "four witches. This event occurs four times a year (March, June, September and December) and designates the expiration of four types of contracts: a stock option agreement and an index option contract, a futures contract shares and futures indices. Why nominate such installments, the word "witch"? "The term" witch "comes from the fear of investors see the market down with expirations, says Renaud Murail, portfolio manager at Barclays Stock Exchange. However, we can not say that a downward trend emerges recurrent really that date. The reality of the market for afternoon "bewitched" does not seem up to the beliefs.

Higher volumes expected

Nevertheless, Wall Street may experience a rough afternoon on Friday. The event of "four witches" most often leads to swelling volumes. "It creates a high volatility on financial markets, as traders or buckle their hedge positions, or they refer to the next due date at the last moment. I would not be surprised about five billion euros are traded on the Paris Bourse. Well above the trend.

Indeed, the Paris markets, the figure of four billion euros exchanged has been reached once since the beginning of the month! Investors are more cautious now and buy more, fearing for the economic outlook in Europe and the United States.

The manager said: "It turns out that volatility is highest in early and late afternoon, the big trade-offs being made at this time of day. During the first two "four witches" of this year, March 19 and June 18, the VIX index has gained 2.1%, respectively, and lost 4.4%. But today the context is different: first, the month of September is known to be highly volatile and on the other hand, trade volumes are a rare weakness guaranteed high risk personal loans. "There are lots of relaxation in the financial markets. Everyone looks and waits for others to do so first. The slightest bad news depresses the financial markets, "said Renaud Murail. The VIX closed Thursday at 21.72 against 22.10 Wednesday 21.56 21.21 Tuesday and Monday.

If the CAC 40 over the 3775 points …

However, as noted, the manager of Barclays stock, "the phenomenon of" Four Witches "does not create a long-term trend, but amplifies the rise or decline in the index one day. And, depending on macroeconomic indicators released Friday. "In other words, do not expect that trading volumes remain permanently at very high and the CAC 40 index soars or drops sharply over several days. The increase or decrease in the index one day only. Unless … "If the CAC 40 breaks the threshold of resistance to 3775 points on Friday, a sustained increase of the index can settle. For investors unable to stay as far away from this trend, will buy shares en masse.

The index of U.S. consumer confidence released in mid-afternoon Friday should provide the way forward for investors.

Glossary:

option contract: an option contract is a financial asset that gives the right but not the obligation, to buy, if it is a call, or sell, if a put, the underlying asset at an exercise price set in advance, upon payment of a premium. The purchase or sale, is the date of expiry of the contract for a European option, or before that date for an American option. The underlying assets may be equities, indices, currencies, futures, interest rates ….

futures contract: a futures contract (or future) is a firm commitment to buy or sell a quantity of an asset (stocks, indices …) at an agreed price at a future date.

For the first time since 1980, the number of three public (state, territorial and hospital) have stagnated in France in 2008. Specifically, they rose only 1800postes. From never-seen since 1980. At 31 December 2008, according to report data annually on the Public Service published yesterday, the Hexagon were almost 5.3 million employees, or 20.5% of total employment, and 656,000 more than a decade ago.

The virtual stagnation of 2008 is largely to the credit of the state civil service has continued to decrease in population from 2006. It has eliminated 77,000 jobs last year, including through non-replacement of a staff of two who retire and to continue the policy of transfer of powers to local authorities. This represents a decline of 3.1% of its workforce in a year.France, employs 2.4 million civil servants, 69.5% and 14.1% of holders of soldiers. This total is 1.4% lower than in 1998, representing a decline of nearly 35,000 agents in a decade.

The numbers have declined in 2008 across all departments, with the exception of Justice and the prime minister. The portfolios of Education and Ecology have been most affected by the cuts with cuts respective 43,000 and 23,000 agents. Finally, almost a two-state official now works in education, one in five of Defense and Interior to eleven.

2328euros per month for a state agent

Another finding of the report 2009-2010 on the state of the public service: local authorities have continued to recruit with a vengeance with nearly 70,000 new jobs in 2008.The local civil service now employs 1.82 million people. A total of 3.9% higher than in 2008 and, especially, a surge of 40% compared to 1998. This dramatic increase is partly related to the second law of decentralization occurred in 2003. The regions – which employs only 4% of all local officials – have been particularly intensive public sector jobs as they saw their numbers jump over a decade, from 22.5% on average each year and even 49% per year since 2005. In more than one in four cases, recruitment occurred three years prior to 2008 had nothing to do with transfer of responsibilities from the State.

The public hospital has, meanwhile, was more reasonable since the increase of its workforce in 2008 was four times lower than that of local authorities: 1% over one year or more 10000agents.At December 31, staff of public hospitals accounted for approximately 1 million people. Those numbers have increased, on average ten years, 1.8% each year.

Pay later, an officer of the state received an average of 2328 euros net per month in 2008. An increase of 3.7% in current euros a year and 0.9% after allowing for inflation. Territorial Agent earned nearly 600 euros less and a hospital, 150. In both cases, the territorial and hospital officials have seen their wages decline in net income a year, by 0.6% and 0.1% in constant euros.

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The results fell on the strength of major European banks, is to know the verdict of the markets. Since Sunday morning, the stress tests are found in the test and the final verdict remains suspended from financial operators who often weigh heavier than the official figures and insurance.

Only 7 of the 91 banks have failed this test of strength, five Spanish, one Greek and one German. Their capital needs are estimated at 3.5 billion euros. We must add three who crossed the barrier but the recapitalization seems inevitable: the Italian Monte dei Paschi, Allied Irish Banks, Irish and German PostBank.Finally, the majority of European banks, the British and French in particular-seem to have redressed the balance.

The question now is whether the test can, as desired by the European authorities to lift the remaining mortgage, reboot, and finally the pump in credit to promote growth. By Friday, the European Union had welcomed the exercise as a vote of confidence. From Washington, the Treasury secretary, Timothy Geithner, hailed "a major effort towards greater transparency" on the health of the banks of the Old Continent. In markets, the euro rebounded to finish just below $ 1.29 after the close of European markets. Wall Street ended higher.

Consolidating banks at fault

Yet many continue to doubt the severity of the European round or its completeness.Unlike other countries, Germany has refused on Friday to force its banks to publish the figures on a main line of their balance sheets: assets in government securities, ie their exposure to the European budget crisis. In the coming days, a first return to the trust will be the willingness to consolidate the banks at fault.

Weighing his words, the IMF Managing Director Dominique Strauss-Kahn described the stress tests as "the promise of a considerable strengthening of the European financial system. It remains to implement. Greece and Spain have promised for the end of the year. Germany, she announced a major restructuring. This is the interbank market which will provide the second element of discretion. The situation has eased since the beginning of the summer.But lack of confidence, many institutions do not always manage to borrow in the interbank lending market, considered one of the keys to sustainable economic recovery in Europe.

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The euro area returns in the red. Ten days after France's trade deficit widened to 5.5 billion euros, the euro zone on Friday issued a trade deficit of 3.4 billion for the month of May, after a surplus of 0.3 billion in April, according to a first estimate from Eurostat. In May 2010, seasonally adjusted exports rose by 1.6% and imports by 4.2%. In May 2009, the euro area recorded a surplus of 2.2 billion euros.

This was due to the decline of the euro against the dollar in the spring, pro-European exports, but bad for imports, which are to higher prices.

All countries of the European Union, namely sixteen of the euro area and the eleven who did not belong, recorded in May a trade deficit of 15.1 billion euros free instant credit report . It widened from April (-11 billion) and over the same month of 2009 (-7000000000). In May 2010, exports of "27" rose 0.9% and imports by 4.1%. One area where the deficit was more accentuated for the "27", the éenergie (-91.5 billion euros against a deficit of 76.1 billion a year ago).Conversely, manufactured products emit a surplus of 50.5 billion euros (ocntre a surplus of 34.7 billion).

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The fireworks on July 14, is sacred in many municipalities, but not Mennecy. This town of Essonne is indeed one of the few to have made the choice to give up for budgetary reasons. "This is the third consecutive year that we do not celebrate the national holiday, says Elizabeth Vasseur, deputy mayor. It is a decision we made when we arrived responsibilities. Given the state of public finances, we have chosen to focus on building maintenance, or renovation of two schools being. Because we do not want to raise taxes, "she argues. The savings amounted to ten thousand euros. If people have stayed up Mennecy perhaps no worse the other 364 days of the year, few cities, however, he followed suit.

For the celebrations of July 14 remains a symbolic moment for which the municipalities continue to invest in broadly stable, despite the severity of wind hovering at the national level. In Paris, the budget devoted to one of the biggest fireworks of the Hexagon is constant since 2001. An investment of € 500,000 by July 14 to 30 tons of powder and 30 minute show. "In the current economic climate, we did not want that expense increases, say to the City of Paris. But it seems important to properly celebrate this national event. " Same story in a smaller city, Chalon-sur-Saone (71), where the budget for fireworks is roughly the same from year to year, despite a desire for renewal: "Our budget is constant for 5-6 years, explains Cédric Sementi, responsible for the event.But we chose this year to remove the sound of fire to prolong the duration of the show. " In total, 14 July festivities will be spread over five days in Chalon whole through the operation "Summer Sonatas" paydayloan.

The fireworks, creator of the social bond

Jacques Couturier Organization, which has won this year's market fireworks in the city of Paris, his explanation for this relative constancy: "The fireworks created a social bond that we all need in times crisis, analyzes its founder. Increasingly, we are asked to create fireworks outside the July 14, for example recently at the Championnat de France cyclist Vendee. Especially since the resources allocated to the festivities usually remain small relative to the overall budget of Commons.In Sceaux (92) – which does more than fireworks on July 14 for 10 years, preferring the fires of St. John – the various festivities cost about 200,000 euros to the municipality, with a total budget of 30 million. "This costs in a city hall, which is most likely to suffer from the crisis, are the social or educational expenses," said Philip Lawrence, Mayor of Sceaux.

Among Europe's leading fireworks, Lacroix-Ruggieri, there is however a slight decline in budgets. The amounts invested were stable in 2009, but budgets have contracted by about 5% this year. "All budgets ranges from 2000 euros to 500,000 euros, have been involved," says Jean-Michel Dambielle, Director General Operational Group. And if the national holiday of July 14 is still with us, removal of business tax still worried the bomb."The fiscal autonomy of municipalities will decrease their budgets might be affected, analysis Picard, CEO of Group F, creator of the fireworks in Paris in 2008. Will we still saved? We'll see next year. "

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Click on the thumbnail to enlarge the graphics.

Formality. Unless disaster, Laurence Parisot should be re-elected Thursday as head of MEDEF for three years. The boss of bosses is the only candidate to succeed him and won the support of 40 members of the executive board present at the May 31 (out of 45 members) in a secret ballot.

The boss of bosses was the only candidate to succeed him (photo credits Jean-Christophe Marmara to the Figaro).

Human error is not finally rise to the "flash crash" that Wall Street plunges 9% for 20 minutes, 6 May last, and cleared up almost $ 1,000 billion market capitalization.

According to a report from the futures market operator Chicago Mercantile Exchange (CME Group) that has acquired Reuters, the manager Waddell & Reed Financial has happened during those twenty minutes, a sales order of 75,000 contracts' e -mini ". What are they? The highly liquid futures that allow investors to manage their exposure to the Standard & Poor's 500. In other words, the company has bet heavily on the index drop. Other companies – Jump Trading, Goldman Sachs, Interactive Brokers, JPMorgan Chase and Citadel Group – have also made such transactions. A total of 842,541 contracts were traded on the e-minis, according to document CME.

Waddell loses more than 5% at the NYSE

Waddell, whose share lost 5.67% at the New York Stock Exchange Friday at 21:30 (Paris time) after the news from Reuters, responded by saying that he had been "one of the more than 250 companies who treated the title 'e-mini "during the period of time during which the market fell" flexcheck cash advance.

Tuesday, Gary Gensler, Chairman of the Commodity Futures Trading Commission (CFTC), the supervisory authority of derivatives markets in the United States, said at a hearing in the Senate have shown that a single transaction was accounted alone is about 9% of total "E-minis for diving indices. He said that there was no evidence that the operator concerned had breached the rules by placing selling orders.

Observers, as reported in Fox Business News, was believed to be a mistake to a trader at Citigroup, who wanted to sell forward $ 16 million on the S & P 500, but spent his order on Procter & Gamble for 16 billion dollars.

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