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Faced with the fear of a general banking collapse, the Franco-German couple is once again under the spotlight. And once again, things are not simple. Nicolas Sarkozy will be tomorrow in the German capital to "speed up" with Angela Merkel the implementation of the bailout of a Euro still full turbulence. The urgent need for the French president and German chancellor, is to flatten their differences on the use of the European Financial Stability Fund (EFSF) and reach a tentative agreement on the thorny issue of the recapitalization of banks.

Angela Merkel ruled Thursday that "there was a need to recapitalize, it would be reasonable to invest money" in terms of what could cost an emergency rescue industry.But she insists on the fact that the Fund will be used to bail out financial institutions on the condition that states can not themselves "to support the recapitalization of their banks' and it puts" endangered the euro area as a whole. "

In fact, Paris Berlin suspected of wanting to directly use the emergency fund to recapitalize banks weakened by the prospect of a debt reduction Greek. "The French have misunderstood the EFSF, decrypts it does in Berlin. Our position is that banks must first seek funding markets, and the side of the national public authorities. Only when there is no money available comes the European level. The EFSF is a tool for countries like Greece or Portugal.If a country like France – among the strongest financially of the euro area – wants to appeal, then this is the door open for all members of the area had ro dig into the fund. "

Berlin suspects Paris

An over-interpretation, says it does on the French side. "We have not yet begun to discuss that!" Do we wonder at the Elysee. At Bercy, it ensures not see fundamental differences with Berlin. "We agree with Germany, said the entourage of the Minister of Economy, Baroin, the fact that more capital into banks, including French," even if only to meet new international standards of Basel III in 2013.Whenever possible, the French banks also plan to comply with without recourse to the capital, let alone the U.S. – by separating certain activities if necessary, by distributing fewer profits to build equity .

But if there had to be re-capitalization, especially to reassure investors, "the sources must first be private," insists one at Bercy. "Ultimately, this should be to rely on injections of public capital." According to Paris, "a European coordination is essential to determine the amount of capital to meet the deadline by which this capital is to be achieved, and the tools for that. " It is on these criteria that France and Germany could agree this weekend.For its part, Brussels will make proposals for a coordinated recapitalization "in the coming days."

Moreover, given the deepening crisis, Angela Merkel has gradually accepted the idea of ​​economic governance of the European Union, defended by Nicolas Sarkozy. Expanding the powers of EFSF part of this process. However, the Chancellor – who imposed hard fought his troops to ratify the Bundestag building – is faced with a majority crossed by a strong current Eurosceptic.

Markets would also like to know more about the technical means to leverage the clout of EFSF. These contain the spread of the crisis heavyweight like Italy, Spain, and Portugal, while the levees are still weak.Should we go further and erase a more substantial part of the Greek debt? Should we consider that the Fund provides guarantees? The German finance minister, Wolfgang Schäuble, at least possible that Germany spends more money than EFSF the 211 billion passed by the Bundestag.

These tensions, it is now the standard mode of operation between Paris and Berlin. Pressure mounts on both sides of the Rhine, until a compromise emerges in a head-to-head at the highest level. Given their respective domestic political weakness or Merkel or Sarkozy can not afford a failure.

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The story is she about to repeat itself? As in 2008, when Belgium, France and Luxembourg had given government guarantees the bank Dexia shareholder governments pledge to support the Franco-Belgian bank which could be dismantled. "The Belgian and French States will meet present as in 2008," assured the French minister of Finance, Baroin, on the sidelines of a meeting with his EU counterparts in Luxembourg. Luc Frieden, Luxembourg's finance minister, also said that his country would play an active role in restructuring the bank.

Governments will particularly seek to support the activity of deposits in Belgium "by a guarantee of the deposits."Concerning the activity of loans to local authorities, which represents about 80 billion euros of assets, Baroin ensures that "whatever happens, we set up a quick and effective solution that will ensure a lack of drop charge this important activity. "

A cash injection, similar to that of 2008 which had led to bail out the bank to the tune of 6.4 billion euros is it to the agenda? No response yet from the French minister who is content to repeat that "States will meet present as in 2008." A source close to the talks for his part, told Reuters that recapitalization was not provided.

The creation of a "bad bank" proposed

Most talkative, the Belgian Finance Minister Didier Reynders confirmed discussions around the creation of a "bad bank" structure that will isolate the non-performing assets and portfolios of the bank. "There was much talk of a bad bank, a few possibilities," he said business card. "We need to look at how to change this group. We must remove all the dangerous parts of the bank, this is where the state guarantees come into play then we can give guarantees to customers, both depositors or solicitors of credit. "

Intended as reassuring, Didier Reynders recalls that "there is no reason to be of major concern about this group if we continue to accelerate the disposal of assets.Both France and Belgium are ready to provide a guarantee for Dexia's funding, regardless of the form it takes. "

Replica

Earlier in the morning, France and Belgium had already declared their support for the bank. "As part of the restructuring of Dexia, the Belgian and French, in conjunction with central banks will take all necessary measures to ensure the security of depositors and creditors. To that end, agree to bring their guaranteed funds raised by Dexia, "explained a joint finance ministers of two countries. Baroin said that the crisis in Franco-Belgian bank "is a replica of the Great Depression of 2008."

At the Paris Bourse, these guarantees seem to be a little effect.Dexia shares had lost up to 38% in the morning, cut its losses and was down from 16.46% to 1.086 euros on a market down 2.84% to 13.30. But caution is when a special meeting of the Belgian government is expected Tuesday evening "to take stock."

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SNCF never ceases to celebrate 30 years of its TGV. After the launch last May of a train specially decorated, a new celebration takes place Saturday night in the Gare de Lyon in Paris. The President of the SNCF Guillaume Pepy, and Nathalie Kosciusko-Morizet, Minister of Ecology and Sustainable Development, will attend a particular video show projected on the facade of the Gare de Lyon which left the first TGV, the September 22, 1981.

A few figures summarize the tremendous success of the first high-speed train developed by Alstom to accommodate all age groups, mobile executives, young, old … In all, nearly two billion passengers have taken in 30 years. 83% of French people have traveled at least once on board the TGV, which now serves 230 stations.

But the station pulled the alarm a few years ago commercial success, the TGV is not an economic powerhouse.The accounts of the industry are deteriorating, the fault, including the tolls the operator must pay to Réseau Ferré de France, the operator of the system for the use of high-speed lines. Today, nearly 30% of high-speed lines in circulation are not profitable. Guillaume Pepy regularly reminded that the company can no longer afford to invest in next-generation trains business cards.

The future railway landscape

Several projects of new lines are under way: the Rhine-Rhone, just opened, the Tours-Bordeaux, Brittany or the Loire region, not to mention the circumvention of Nimes and Montpellier. But others are virtual as the Paris-Caen. The success of the TGV has indeed given to the regions want to have "their" TGV.But the question of funding problem and use increasingly common in public-private partnership, a financing involving the state and communities in building a private group, is not a panacea.

After the festivities, Focus on the rail, a kind of rail Grenelle oragnisé by the Department, will again bring together industry players at round tables austere. Objective: To shape the future landscape railway … and give the French the prospect of other celebrations in the coming decades.

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The debt crisis turns to Greek tragedy and psychodrama. Tuesday night, a committee of experts of Parliament in an official report revealed that the country's debt was "out of control." The next day, denial and criticism rang out, Evangelos Venizelos, the Finance Minister did not mince words, stating that these auditors did not have "neither the knowledge nor the experience nor the necessary responsibility to judge the debt ", a few hours later, the director of the parliamentary commission complained resigned.

Stock market crash

Friday, an additional layer was taken with the surprise announcement of the suspension for ten days, the mission started in Athens earlier this week by experts from the troika (EU, ECB and International Monetary Fund).This sudden departure caused an outcry in the country and the stock market plummeted at the opening, causing the European financial centers in its wake. The finance minister has tried to downplay the event: "There was no rupture of discussions between the country and the Troika," he said. But Evangelos Venizelos has failed to convince, especially as he admitted, following that "Greece will not hold its goals of reducing the public deficit in 2011 due to the deepening recession in the country. " GDP is forecast to decline by at least 5% this year, the government now provides, which leads mechanically to predict a deficit of 8.8% of GDP at end 2011, against a previous estimate of 7.4%.

It is a fact, almost a year and a half after the introduction of the first austerity plan, Greece is again up against the wall.The austerity measures have led to a sharp recession and sealed growth, competitiveness and production. The unemployment rate reached 16.6% last month. "The committee was right. The debt is really out of control because it is growing and will continue to grow, "Analysis Stefanos Manos, a former finance minister credit reports free. "It is sad to see that the government did nothing for months. No reform of the state system, not privatization, but only the imposition of taxes and cuts in wages! There are more public spending in 2009, before the crisis, he said. This time, it is urgent, bankruptcy is just around the nose. International leaders must tap your feet.They should refuse to grant the sixth installment of the loan of 110 billion euros granted to Greece if these measures are not implemented. "This is probably the direction of the departure of the troika, which means by this dramatic move to the pressure on the government.

But this game of poker liar weary Greeks who bear the brunt of austerity. Last significant extent, the increase in VAT in catering from 13 to 23%. "A step too far, according to Giorgos Delastik, a political analyst. The Greeks are exhausted. They think that especially in terms of rigor is not applied the right way to save their country from the crisis, just as Ireland and Portugal. "

Strikes and demonstrations were not long in coming. After the Athens metro and teachers, the outraged calls for a mobilization in Parliament tonight.Ilias Iliopoulos for general secretary of the union officials, the Greeks played their all. "We are on the verge of a social explosion," said he. "In 2010, when the deficit would be reduced by five points, the Greeks had to make huge sacrifices. Today, they can not accept other measures or new cuts on wages. " However, the troika request 2.5 billion savings by the end of the year. The authorities now fear having barely contain the anger of the Greeks, who was radicalized after the summer break.

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Apple becomes the world's largest "portable" across all categories, ie, taking into account both PCs and tablets. The Apple brand has sold 13.6 million against 9.7 million laptops for HP, relegated to second position. Apple has a performance to 10.7 million iPads that have been sold worldwide in the second quarter. 65% of this market.

In the past three months, sales of tablets exploded 400% to $ 16.4 million, while those of notebooks have eaten 2% to 48 million copies. "The growth of the market shelves beginning to be at the expense of laptops," said Richard Shim, analyst at Display Search Senio, thus justifying the merger of these two product categories in the studies.

And behind the two market leaders, the battle continues.Acer has recorded the largest decline, with sales volumes plunged by 12% in one year. The Taiwanese are heavily penalized by the failure of his tablets. However, Samsung and Dell posted the best gains, with growth of 44% and 33%.

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Money does not replace the sun. Companies still have made the bet offer insurance against bad weather, which compensates tourists disappointed by the weather. The concept was born three years ago and now sold by some tour operators – Pierre & Vacances, Maeva, Marmara or campsites Sunêlia has unsurprisingly met with greater success this year, boosted by the greyness of July.

"It has exceeded 20,000 subscribers in July 31. It's more than double last year, "says one at Aon, which launched the concept. The insurer does not expect to have to make as many checks: among the 200 French destinations covered by these offers, 50 have now opened right to compensation, according to data Metnext, a subsidiary of Météo France.

In previous years, about 5% of subscribers had received a refund due to bad weather.This year, this share has already increased by 20%, excluding the month of August, which promises but under better auspices. Tourists who spent their holidays on the Atlantic coast, especially in the northern half of France, will be the first question online payday loans.

Two hours of sunshine per day

All however, are not reimbursed the same amount, or under the same conditions. It depends on the tour operator with which the offer was contracted. If insurance is included in the delivery Sunelia home, it costs 12 euros extra in Marmara, and 69 euros at Pierre & Vacances, who included it in his pack "casualty".

For example, Marmara guarantees four days of sunshine a week of seven days, or reverse 300 euros to its customers. A little less generous, Pierre & Vacances is no guarantee that three days of sun, otherwise 150 Euros will be paid to unlucky.A "sunny day" is one day with at least "two hours of hot sun and cloudless" between ten and eighteen hours.

Weather assuming a more capricious, insurers have much increase in the future their number of subscribers. The year 2011, no sun, they will have made good publicity.

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In the night from Friday to Saturday, S & P downgraded the rating of the United States, from "AAA" to "AA +". This historic announcement, which comes as the markets have closed a black week, plunged the financial world into the unknown. Munis Hassim, professor at the Institut d'Etudes Politiques de Paris, explains why such degradation threatens the U.S. economy, the first world power, and identifies the situation to that of Japan in the 1990s.

Is the degradation of the notes of the United States plunges us into a new crisis?

The fact that the United States lose their triple-A means that they have a slightly higher probability of defaulting. But by switching to "AA +", this probability is very low. Moreover, experts and analysts do not believe at all a failure to pay the largest economy in the world. So there is no reason to panic.However, the multiple consequences which such degradation can they prove to be very disturbing.

For example?

The fact that S & P has dared to sacrifice the American note puts enormous pressure on other countries rated AAA, particularly in Europe as the UK or even France. This announcement will fuel fears of a contagion of degradation of notes, when the markets seemed to panic this week. In Italy and Spain (already degraded) in particular, tensions are rising, although they seem to be the new target markets. Moreover, the impact on the banks direct. They will have to review their capital allocation taking into account the appearance of more risky U.S. bonds they hold, as they impose the new international regulations, to strengthen the solvency of banks (Basel III).The recent bank stress tests, whose results were given there only three weeks, have already lost all credibility because they did not include either a restructuring of the Greek debt, or a deterioration note the United States.

Why such a lowering of note can threaten the global economy?

When the debt rating of long-term decline in the U.S., this means that more may not be refunded if the creditor is. However, the markets, the risk is remunerated by interest rates: if I am less sure of being repaid, so I request a higher rate. Thus, losing the "AAA", the U.S. interest rates at 5 years, 10, 20, 30, will mechanically increase.And if rates rise, it's a downward spiral of investment and consumption that will engage, which produces more unemployment, less tax revenue and public expenditure. This government deficits widen further, and sovereign debt. But during the past two weeks very turbulent markets, the U.S. long rates remained very low. There have never been so low, a sign of investor confidence.

There is still a little time, no one imagined the United States lose their AAA. How did they get there?

The problem the U.S. is that they have more flexibility, or a monetary point of view, or budget.On the one hand, monetary policy can not be more accommodating, having pumped billions and billions of dollars of liquidity into the markets and set the interest rate floor (they are between 0% and 0.5 %) to restore the U.S. economy weighed down by the subprime crisis that has capitulated Lehman Brothers, three years ago. On the other, public spending has been poorly controlled, while the U.S. tax burden is already high. Difficult in these conditions for fiscal consolidation.

It is like in Japan twenty years ago …

Exactly, you are right in the Japanese-style scenario. The United States could enter a situation of liquidity trap in which Japan was mired in the 1990s, but never really escape. Rates were zero and sluggish growth, while prices fell, leaving Japan trapped.United States, the U.S. central bank, the Fed is now more capable of supporting the U.S. economy, which has not really recovered from the crisis, according to the latest statistics. Growth for 2011 looks less than expected, despite the monetary support giant that has been deployed. It remains to be seen whether this will result in deflation (lower prices) or if inflation will return. The best case scenario would be the second, to prevent the United States is experiencing a "lost decade" in Japan.

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It is a page in the history of Paule Ka, the ready-to-wear clothing, which has just been turned. Serge Cajfinger – President, Artistic Director and founder of the brand there are twenty-three years – and his family transferred control of the company to an investment fund Change Capital, which specializes in retail and consumer goods . Serge Cajfinger, 56, remains in control, but keeps his family that 30% stake in Paule Ka, known for her dresses inspired by fashion icons of the 1950s and 1960s.

Change Capital's arrival also marks the start of the Deposit, which held 17% of the company since 2007 through one of its funds, Heritage and Creation.

It is a success story in the French-Change Capital, which was a shareholder of the Jil Sander label and distributor of garden furniture Unopiu 'adds to its portfolio."Paule Ka dresses women 25 to 55 years, both for work and special occasions, combining a quality worthy of the luxury and affordable, says Stephan Lobmeyr, Partner at Change Capital, created in 2004 by Luc Vandevelde , former president of Carrefour and Marks & Spencer. There are not many brands with such a position and grow as regular "/

The brand, which has weathered the crisis with no air pocket, grew by 17% of its turnover (40 million), related to sales of its own stores (8 stores) and the acceleration of its order book from the department stores (29 outlets) and multi (370).

Ségolène Royal in 2007

The new majority wants to move up a gear. In the provinces, he intends to develop the number of stores as in large cities.In Paris, where the brand was born in the Marais district, opening in 2007 of its flagship on Rue Saint-Honore has given greater visibility.

As for the international Paule Ka is present in 53 countries, it could be within five years 65% of sales, against 50% today. Leaders and are working on a new shareholder settlement in the United States with the opening of a shop in New York within a year. They would be well set the mark on Madison Avenue."In countries where we are not yet present, we are entering a flagship, and we aim to grow between 50-50 own stores and multibrand," said Anthony Bing, deputy general manager of the company.

In China, another key market for the future, Paule Ka has signed an agreement with a franchise partner, the Hengdian Group, which plans to open 14 corners in the first five years and a shop by the end of the year Hangzhou, two hours from Shanghai. In Asia, the brand – who dressed Ségolène Royal during the last election – has already attracted the fashionistas in Hong Kong, Singapore and Japan. In Europe, the company hopes to double its number of stores as the next five years, starting with a location in Madrid in September. By broadening the territory of Paule Ka, Change Capital aims to double sales of the brand by 2016.

Rain of bad news and stock prices in free fall: the equity markets reconnect with painful memories of that week. The day after a heavy fall session, the Paris Bourse continued to tumble Tuesday. The listing of the CAC 40, which was no longer available since 9:56, due to technical problems with NYSE Euronext seeks to determine the cause, took over around 1:35 p.m.. To 14h, the index was down 1.19% to 3762.10 points. The Paris index is so close to its lows of the year (3,696.56 points on March 16).

On other European markets, some markets reduced their losses: Milan fell by 0.50% in mid-session, Madrid from 1.47% and the London Stock Exchange fell back to 1.55% and Frankfurt 2.09 %.

On both sides of the Atlantic, countries are faced with concerns about the level of debt.In the eurozone, fears of contagion from the debt crisis, with Italy in its sights, spread. European finance ministers are trying to reassure the markets and say they want to "preserve the financial stability of the euro area" and "resist the risk of contagion" said the head of the Eurogroup Jean-Claude Junker. But after a meeting that had at a crisis meeting, the central bankers do not scaffold new plan. A lack of concrete severely punished by the markets. I

They however expressed their readiness to increase the size of the Emergency Fund financial.They are also considering a "lengthening of maturities of loans" made to allow more time for countries struggling to pay to reduce the interest rates of loans to Greece.

Meanwhile, the Portuguese economy expected to contract by 2% in 2011 and 1.8% next year, partly because of the austerity program that the country has committed to implement in exchange for financial assistance international, according to new forecasts from the Bank of Portugal.

And the problem of sovereign debt is a concern across the Atlantic. The U.S. president, however, has indicated a willingness to compromise, particularly on reducing the budget deficit.

As a result, the euro accentuated its losses against the dollar Tuesday, falling to levels seen for four months.Around 11:00 in Paris, the single European currency was worth 1.3930 dollars against 1.4029 dollars the night before.

Inflation and rising Livret A

The consumer prices in France rose 0.1% in June as in May, according to the National Institute of Statistics, an increase that has immediately led to an increase of 2 to 2.25% rate remuneration of the Livret A. Prices over the year were up 2.1% (after + 2%). Excluding tobacco, the increase is the same.

Rising prices of consumer goods in supermarkets rose 0.4% in June, after rising more pronounced 0.7% in May, INSEE said on Tuesday in a statement. OPEC will release today the release of its monthly report.In the U.S., we know the trade in May (1430) and then comes the publication of the minutes of the last Fed meeting (20 hours).

Banks in trouble

The sharp fall of the European banking sector marked a break in the late morning Tuesday, but this improvement technique does not dispel investors' fears of contagion from the debt crisis in Italy or Spain. A Credit Agricole, which fell nearly 5% to 2.33% leaves the opening in mid-session, followed by BNP Paribas which yields 1.32% and Societe Generale was down 0.92%. For his part gleans Natixis 0.40%. The conclusion was the same in Europe with a major Stoxx European banking shares down 1.39% against 5% at the close Monday.

Carrefour lost 3.56%.The group met with a setback in Brazil: the government no longer supports the project Carrefour to approach the local distributor Pao de Acucar, while the Brazilian National Bank for Development has agreed to support the funding. The transaction is challenged by Casino, already a partner of Pao de Acucar, which opposes the merger of the latter with its rival.

The title of the French car rental company short Ucar evolved sharply down on Tuesday for his first day of trading on the Paris Bourse, in a context of very difficult market due to the crisis in the eurozone. At 12:00, Ucar lost 5.31% to 14.1 euros.

In addition, Christophe de Margerie, CEO of Total (-1.8%), was "summoned" to Bercy by the Minister of Economy, Baroin. The goal is to take stock of the evolution of fuel prices. "A study published by Le Parisien suggests that oil tankers are quick to pass on price increases at the pump, which is less true for the declines.

Vivendi (-1.35%) may waive the tax Consolidated Global Profit, writes Les Echos newspaper Tuesday.

Publicis (-1.25%) announced Monday the acquisition of a controlling interest in the advertising agency DPZ, based in Sao Paulo.

Bull after falling 1.52% expressed the signing of an agreement with Carmat, designer of artificial heart, for the development of equipment for carrying artificial heart. And that's the whole electronics sector that folds.

For its part, the title of his new partner earns 7.83%, to 183.10 euros, having announced Carmat a capital increase of EUR 25.5 million.The operation is primarily intended to fund clinical trials in humans and manufacture of prostheses, for a first commercialization in 2013. The total artificial heart specialist has also submitted its application for authorization of clinical trials with the French health authorities (AFSSAPS). If approved, Carmat realize the first implantation in humans before the end of the year.

A consortium of six companies led by EDF EN, a subsidiary of EDF (0.43%) Monday formalized his candidacy for the tender that the French government has launched for offshore windEEN has partnered with Dong Energy, Nass & Wind Offshore Poweo ENR, wpd Offshore and Alstom.

Icade announced the signing of a put option for the purchase of seven clinics belonging to the private hospital Medi-Partners for $ 233 million.

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The Court of Justice of the Republic (CJR) announced Friday it had postponed to August 4 decision to initiate or not an investigation of the role played by Christine Lagarde in the case Tapie.

"One of the members of the commission has indicated that he was later forced to recuse himself," said Gerard Palisse, president of the petitions committee of the Court. This is Laurence Fradin, magistrate at the Court of Auditors and wife of Pierre Joxe, former Socialist Minister of Defense and the Interior of François Mitterrand, as was Bernard Tapie. Judicial source, the judge cited a possible conflict of interest.

Gerard Palisse stated that "the alternate member of the Court which could have us make up for his part that he himself was unable to do so immediately without prior knowledge of the case.The Committee decided to defer consideration of this matter Thursday, August 4. "

The survey would be long

The former Minister of Economy and current executive director of the International Monetary Fund (IMF), is suspected of "abuse of authority" in the arbitration in July 2008 on the case Tapie, Credit Lyonnais on line pay day loans. The businessman, who felt cheated after the sale of Adidas in 1993 with Credit Lyonnais, had obtained 285 million euros of public funds.

In May, the Attorney General of the Supreme Court, Jean-Louis Nadal, asked the petitions committee of the RGC to investigate the matter. He specifically criticized Christine Largarde for choosing private arbitration, but also refusing to appeal against the award, while the number of specialists are encouraged.If the Court decides to initiate the investigation, it should be long and Christine Lagarde would not be considered for several years. The new leader denies IMF, meanwhile, abuse of authority in this matter and have provided "clear conscience".

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