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The banks now have new solvency standards: this Sunday, the central bankers and regulators met in Basel (Switzerland) have reached agreement on financial sector reform, intended to make institutions more resilient to face future crises .

What reassure the financial world. Already this morning, Asian stock markets greeted the advance and the details given by the Committee to reach a global banking system stronger.

In Europe, stock markets are benefiting from this renewed confidence in the markets, like the euro, which is reinforced by nearly 1% in morning trade against the dollar, and exceeds $ 1.28.

The CAC 40 closed and backed up on Monday, from 1.11% to 3767.15 points.The same trend on the DAX in Frankfurt and the FTSE in London, rising respectively from 0.75% to 6261.68 points and 5565.53 points to 1.16%.

Few indicators on Monday

In France, the current account deficit moved to France to 2.2 billion euros in July, after 2.7 billion in June and 4 billion in May, announced Monday the Banque de France (BDF). This deficit reduction is explained by an improvement in services trade, including surplus from 1.3 billion euros to 1.9 billion euros.

For the euro area, industrial production in July will be the only major indicator to track, 11:00. In Vienna, meets the Council until September 17 of the 35 governors of the International Atomic Energy Agency (IAEA).And at noon, will be held the fortnightly meeting of the Bank for International Settlements (BIS).

In the U.S., the figures of budget execution will be available in August at 20 hours.

The bank on the radar screens

With the agreement in Basel and confidence in the banking system boosted by the news, financials should be Acclaimed gong to open the Paris Bourse. To follow, therefore, Societe Generale (+4.7%), BNP Paribas (2.15%), Dexia (4.48%) and Credit Agricole (6.71%).

European banks have suffered much these days doubts about the credibility of stress tests, conducted before the summer, and being too easy to "pass". The Wall Street Journal drives the point in holding more than 1.9 trillion euros the public debt of European banks.In an editorial, the Financial Times also highlights the continued fragility of the banking sector in Europe.

In addition, banks themselves should not enjoy the new standards imposed, which should lead to tremendous fundraising, they claim. These measures could well lead some banks to launch capital increase to strengthen their balance sheets.This is particularly true of Germany's biggest bank, Deutsche Bank (-0.37% to 47.57 euros), which confirmed on Sunday that it would increase its capital by at least 9.8 billion euros including increasing its equity.

Lafarge climbs amid Board noted

In the first line of the CAC 40 on Monday, Lafarge, who jumps from 2.42%, thanks to a recommendation from Credit Suisse, which went to "outperform" cons "neutral" earlier, with a target price raised 45 to 48 euros.

In red only three values: Alstom (-0.67%), Pernod Ricard (-0.42%) and Cap Gemini (-0.34%).

For its part, Alcatel Lucent (2.95% to 2.23 euros) announced that some telecoms groups could participate in an auction in China and India to build experimental networks fourth generation (4G) at the end of year, those countries seeking to improve their existing network or develop the activity of wireless.

Airbus orders giant?

Airbus (EADS, to 2.05% + 19.39 EUR) is in negotiations with China for the sale of 150 aircraft worth about $ 16 billion, reports La Tribune in its Monday edition. The discussion focuses on 120 medium-haul A320s, 20 A330s and ten A350s, the newspaper said citing sources "consistent".It would be the largest order placed by China since 2005.

On the side of civil aviation, Air France-KLM (1.07% to 11.34 euros) is preparing a response to the expansion of Lufthansa in sub-Saharan Africa. His plan, dubbed "Leopard," should result in an increase in supply in black Africa, says Les Echos, particularly in Libreville (Gabon), or Malabo (Guinea).

The automotive sector to

Oil stocks also should get a tan while the black gold continues to rise. On Friday, oil prices surged in New York after the closure of a major Canadian pipeline carrying crude to the U.S., a barrel of benchmark climbed almost 3%. And in Asian trade this morning, oil is still rising from 0.93% to 77.16 dollars.Total is 0.65% to 39.26 euros.

Peugeot (+0.24% at 23.11 euros) and Renault (0.84% to 36.15 euros) have been very surrounded last Friday, following the announcement of early redemption at the State of loan of one billion euros each. Renault should still be followed, as the group intends to sell its stake in Swedish truck manufacturer Volvo, said Chief Operating Officer Patrick Pelata in an interview published Saturday by the weekly Wirtschaftswoche. The officer gave no indication on the price of such a transaction. Renault is the main shareholder with a stake Volvo 20.7%, currently valued around 2.2 billion euros.

The founder of Meetic could disengage

The founder of the largest European meetings Meetic (10.82% to 23.65 euros) plans to sell its shares.Marc Simoncini, who still holds 22.98% stake in his company and the company matches Pegasus, owned 26.72% stake, told the investment bank, Messier Partners a common mandate "to assess all strategic options.

For its part, Etam Development (4.76% to 33 euros) is not for sale.Families and Milchior Tarica (Mrs. Tarica being the sister of Peter Milchior, father of Lawrence Milchior), with 68% of the capital, are not sellers and there is no intention to leave the management of stock, may we read in The Tribune.

The boss of Publicis (1.28% to 35.57 euros), Maurice Levy, also interviewed by The Tribune confirmed that his group will outperform the market in the coming years and intends to pursue its development strategy in China where he needs to "double or triple" its presence.

In the field of reinsurance, Scor (2.55% to 17.69 euros) was "more optimistic" than its competitors on the current state of the reinsurance market, according to Victor Peignet, CEO of the non-branch group life, alongside the Rendezvous in Monaco in September.In turn, Munich Re (1.08%) would establish an offer of coverage for oil platform disaster damage to compensate up to 20 billion dollars.

The only publication of interim results of the day will be made this evening after the close of trading by VM Matériaux (-0.15%).

This is a new slap for Danone. Seven months after having tested the group renounces launch in France, Densia, yogurt supposed to strengthen bones. Why? "The tests performed have highlighted that the French are major consumers of dairy products spawning, do not feel the need to consume more calcium," says a spokeswoman for Danone.

The pleasure rather than health

Pre-launch tests of Densia were conducted in Brive-la-Gaillarde (Corrèze) since December and were expected to last between three and six months. No launch date was planned in France for this product is distributed in Spain and Italy.Primarily for women arrived at the age of menopause, Densia was part of Danone products that play the card as healthy as Actimel and Activia is supposed to cover 50% of recommended daily calcium and vitamin D in these two areas No teletrak payday loan .

This is another failure for Danone, after those of Activia and Actimel where the group had been unable to put forward to the claimed benefits the health of these two products. And after that of Essensis other hand, this yogurt packaging fluorescent pink supposed to give a beautiful skin. Launched in 2007, it had been withdrawn from sale two years later.

Danone has probably realized that the future is now in the pleasure and less in health. The group continues to grow stronger effect in the field. He just bought Immedia, the manufacturer of smoothies and launching Fantasia, for young adults.Although Franck Riboud, Danone's CEO, continues to believe that health is still called for, as he confided to Le Figaro, last July.

Buy clothes on the internet getting more and more into the habits of the French. A study of the French Institute of Fashion (IFM), performed with GfK, sales of clothing on the internet grew 30% in one year to total 2.6 billion euros end June 2010. In the first six months of the year, purchasing textiles and clothing products on the Internet accounted for 8.6% of total industry sales, against 6.7% a year earlier, exceeding for the first time sales on traditional channels, such as department stores.

This performance is against the current situation of the apparel market, which registered a decline of 14% of its activity in the first half. Internet is "the medium on which fetch prices," said Evelyne Chaballier, director of economic studies and prospective MFI.A survey by the Federation of e-commerce and distance selling (Fevad) announced that nearly half of Internet users (45%) surveyed in May had bought at least one item of ready-to-wear during the six months precedents.

In search of bargains

The buyers are mostly women aged 25-34, converted to "web-shopping" by the time savings is Internet. Not to mention the monetary gain. For women, the prices of clothing bought online are 11% lower in the overall market. Children's clothing, which account for much of their purchases, are on average 3.5% cheaper.

Men are not left behind. The bracket of 35-44 years is one that spends the most time to dress on the Internet. The reasons are almost identical to those of their female colleagues: convenience, time saving and economy, with 7% less expensive clothing.Small deviation from the rule: men tend to buy more expensive jeans on the net because of the trademark search.

Overall, online, products remaindered or discounted represent 55% of sales, against nearly one third (32%) for all channels.

Brands landed on the canvas

This enthusiasm for the Internet is also explained by the increased supply textiles. More and more brands now occupy the land. Some take the train, like Zara, or intends to do, like H & M. Even luxury gets going with a collection for winter 2011-2012 Karl Lagerfeld signed. The designer said he attracted "elitism mass" and believes it is the "road to modernity."

"The major players in the distribution of European fashion that are not yet available to consumers are becoming more and more rare," says the study.However, the 'mail order' as La Redoute and 3 Suisses dominate the market with 50% of total sales.

The balance should be changed, however as the pressure weighs on the Internet brands. Sales on the web, all sectors have still increased 29% in the first half to 14.5 billion euros, with nearly 156 million transactions. If this trend "continues, we should rise above 32 billion in 2010," predicted Marc Lolivier, managing director of Fevad.

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Ten years later, the net economy triumph

The speech of Barack Obama on Wednesday in Cleveland, Ohio, leaves no room for doubt. The U.S. president has been firm in formalizing its decision not to extend tax breaks for the wealthiest Americans granted by his predecessor George Bush, and which end in December.

"We are willing to offer tax relief to every American $ 250,000 relating to a year or less. For any amount above the rates revert to what they were under President Clinton, "said Barack Obama. "This is not to punish people who are better off, because we can not afford to pay 700 billion dollars," he added."These people are those who are least likely to spend money, which is why economists do not think tax cuts for the wealthy are doing much to the economy."

The President also highlighted his plan to allow companies to fully deduct from their taxes the cost of their investments in 2011. This program would consist of 200 billion dollars in tax relief over two years, most of which would then be reimbursed to the federal state. The U.S. president also confirmed his new plan to $ 50 billion to build or renovate facilities in the United States.

Barack Obama also proposes a plan to boost tax deduction for companies investing in research and experimentation.A device valued at 100 billion dollars over 10 years.

The president assured that he would work with Congress to ensure that these measures are financed by reducing other devices already voted. He also acknowledged that the measures launched two years had not worked "as fast as we had hoped.

Attack against Republicans

Barack Obama wants to show its willingness to revive the economy while the looming midterm elections in November. Highly virulent, the President described his opponents Republicans "fiscally irresponsible".

Barack Obama is personally took it to John Boehner, the Republican leader of the House of Representatives which proposes a tax rate freeze for two years and a reduction of federal spending to reduce their amounts at their 2008 level ."Boehner measures are summarized in tax cuts for millionaires. It proposes no new idea. The same philosophy that led us to today's problems, Barack Obama has launched. "It's always the fear against hope, the past against the future" no fax payday loans.

"You can not have a stronger economy if you raise taxes on the very people whom you expect to invest in the economy and they hire people again," said John Boehner for his part on the ABC.

Marginal effect

"Part of the problem in the U.S. economy lies in the fact that companies do not spend their income and maintain a very conservative approach," Aneta Markowska analysis, economist at Societe Generale CIB.

"Obama wants to ensure that the investment is not sinking like a bellows with the expiration of the first battery of stimulus measures," said Florence Pisani, an economist at Dexia AM. The investment has rebounded strongly in the first and second quarters, jumping by 20 or 25%. But it remains at levels well below those before the crisis, and economists expect it to slow down.

Economists are divided, however, the effectiveness of the measure on the investment. The federation believes that SMEs could, ultimately, help companies "at the margin," reports the Wall Street Journal.The level of capital spending by SMEs are at their lowest for 35 years, business leaders should take advantage of tax breaks to loosen their purse strings, the newspaper said.

Demand problem

Problem, "companies will not invest only to take advantage of the tax measure, they must observe and anticipate an increased demand for it," recalls Florence Pisani. They may well wait until the last moment, that is to say late 2011, to appeal to tax exemptions, so that the uncertainty surrounding growth dissipates, say analysts at Goldman Sachs. Boring for the Obama administration wants to boost the economy immediately.

Still, the measure to 200 billion may never pass the dam of Republicans in Congress.The conservative Senators leave nothing to pass to Obama, a few weeks they have elections to win. They also believe that these two new measures amount to recognize the ineffectiveness of the stimulus plan of 787 billion voted in February 2009.

Obama will just play during the upcoming debate, stressed that his latest measure for companies will not increase public debt of the United States. It only makes immediate tax rebates so far over the lifetime of investments.

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Last April, the cloud of smoke from the eruption of an Icelandic volcano, which shook the air traffic worldwide has cost about 200 million euros to French airlines. Besides the lack of profits for the cancellation of thousands of flights, they have incurred costs for test flights to measure the impact of ash on engines or empty flights to repatriate French stranded abroad.

These costs are estimated at 51 million euros. So says a letter sent by the National Federation of the commercial aviation (fname) – which includes trade unions of air transport – the Department of Ecology.This letter was sent "early August," said Jean-Pierre Le Goff, the delegate general of the fname, who came on Saturday to confirm the information Parisien / Today in France.

French companies demanding repayment of 51 million euros. Such government action "is important to recognize the exceptional mobilization of air carriers and their contributions, and is also economically important for companies still in the midst of the crisis," said the official.

For now, no reply to that letter, the next team of Jean-Louis Borloo. As Secretary of State for Transport, it was confirmed that the case "is under investigation.FNAM said, she expected to return "next week".

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LE FIGARO. – The euro zone recorded a growth of 4% per annum in the second quarter. This leads he will represent a substantially more optimistic about Europe?

Olivier Blanchard. – One swallow does not a summer make. The simultaneous publication of figures for poor United States (1.6% in the second quarter) and that higher numbers than expected in Europe, especially Germany, have had a big influence on public opinion. But the trends are largely the same. After catching up driven by fiscal stimulus and the restocking of companies, are now the consumption and investment must make the request. And they face numerous obstacles, particularly the weak financial system.Growth will probably remain low, both the U.S. and Europe.

Stronger growth could she encourage Germany to be less rigorous in its public finances?

No, instead, it would probably take advantage of its expansion to consolidate its public accounts quickly, which is also good economic policy response. Although the Germans are the champions of fiscal restraint, consolidation actually provided remains relatively low at this time.We've calculated that the effort envisaged for 2011 is 0.5% of GDP – what we call in technical terms "change of primary balance adjusted for the cycle – while the same figure is 1% for USA.

What countries in the eurozone growth prospects have substantially different poses there not a problem?

Today, we can define three categories of countries in the euro area. Those who are competitive and are driven by external demand, with Germany being a prime example. Those, however, have difficulty in exporting: the case of Greece, Portugal and Spain must restore their competitiveness. And countries like France which lie between the two, with a trade roughly in balance.An exchange rate and monetary policy imply that these differences do not disappear the day the next day

The crisis of sovereign debt in Europe last spring she is behind us and its consequences are they limited to the actual savings?

I would not say that because countries like Greece and Portugal are facing painful adjustment process. The crisis has led to a general tightening of fiscal policies. For now, the measures taken by European authorities, with assistance from the IMF, have calmed the markets. But troubled countries must both balance their budgets, and responding to problems of competitiveness, which will take years.

The schedule chosen by Europe to reduce the deficit to below 3% of GDP in 2013 is not it too tight?

The essential thing is not so much the year or a specific figure.We need every government has a plan for consolidation in the medium term is consistent and credible, it can take steps to convince markets. Regardless of whether in 2013 or 2014, must present the prospect of stabilizing the debt. Once the markets are reassured medium term, countries have a certain degree of freedom in the short term. Until these medium-term strategies have not been implemented, it will tend to buttress on deadlines, this is not the best approach in my opinion.

Emerging countries can they sustain such rapid growth that their current savings if the G7 would stagnate sustainable?

No short term. If the U.S. economy slows, it will have a mechanical effect on Asia, not huge, but significant nonetheless.But yes the medium term, there may be a decoupling between emerging economies and rich countries. Asian economies and Latin America have the capacity and willingness to increase domestic demand, thereby offsetting a decline in external demand if it were to happen. China is reorienting its growth in this direction.

The rebound laborious United States and Europe or Japan is not it disappointing?

As I have said earlier, this hard bounce is not a surprise. The IMF said last year and a half that the recovery would be slow.Historical experience shows that it is usually the case when a recession was caused by a financial crisis because it takes so much time to repair the damage suffered by consumers and the financial system.

The response of the G20 was best?

He played a key role in coordinating responses to fiscal policy, monetary and financial. This coordination is important. If finance ministers are fully aware of the situation in their country, they, by necessity, a more approximate what is happening elsewhere. The meetings of the G20 meet the needs of coordination become essential because of globalization.The message of the Mutual Assessment Process "G20 Toronto is very clear: strong global growth requires both fiscal consolidation in advanced countries and a reorientation of growth towards domestic demand in emerging countries. And the two are closely linked. If the U.S. example can not increase their exports, they may have a very low growth, which in turn will make it very difficult fiscal consolidation.

The G20 should he not put on the table the question of exchange rates and the undervaluation of certain currencies?

When we speak of "reorientation towards domestic demand, for example in China, it passes through a myriad of measures, one of them, but only one of them is the appreciation of the yuan . This major structural change will happen eventually. Moreover, it has already begun.It would be cons-productive to simply focus on just the exchange rate, it is only one piece of the puzzle.

At 14:30, all financial markets will have their eyes riveted on the U.S.. It was at that time that the unemployment figures across the Atlantic for the month of August will be published. Given the caution with which the New York markets were closed Thursday and Europe, uncertainty should continue this Friday until the publication of these figures. Around 8:10, the future of the CAC 40 rose 0.21% to 3632 points.

"It does not happen much on the markets, who are eagerly awaiting the unemployment figures of the United States, says it in the rooms. Is a very important day. Nobody wants to get new paris before this indicator. Investors prefer to wait and see what is the recovery. "He added: "If the numbers are bad, I think the markets will fall heavily and not only Friday, but next week."

Pending the U.S. unemployment

Despite a slight decline as unexpected new listings weekly unemployment across the Atlantic on Thursday, the Labor Department is expected to announce this afternoon an increase in unemployment to 9.6%."The GDP is not growing fast enough to create hundreds of thousands of new jobs needed each month to reduce employment at its level before the crisis," said Christina Romer Thursday, who will leave at the end of the week his position as economic advisor of President Barack Obama.

Also across the Atlantic in 16 hours, the ISM index of activity in services for the month of August and a speech from Fed chairman in Atlanta, Dennis Lockhart on current economic conditions are also scheduled .

For the euro area, will be published PMI composite and services for the month of August (10:00) and retail sales for the month of July (11:00) faxless payday advance.

The meeting will be much calmer on the microeconomic front, in the absence of publications, the wave of results for this quarter coming to an end the Paris Bourse.

Values follow

Investors monitor the value of France Telecom, however. The chief operator, Stéphane Richard, told Reuters on Thursday on the sidelines of the MEDEF Summer University he was confident in the outcome of discussions with Canal + on the fusion of TV Orange Cinema Series and TPS Star. It will also try to convince the government not to raise VAT on offers "triple play".

Air France plans to create a structure "low cost" for medium-haul routes, especially between Orly and the province to counter the offensive of the British low cost airline EasyJet.

The Slovak government has decided to retire to a consortium led by Bouygues a road construction project of $ 3.3 billion through a public-private partnership announced Thursday, Slovak Minister of Transport, Jan Figel.

Venezuela will pay approximately $ 600 million (468 million euros) in Casino and other shareholders of the supermarket chain Exito nationalized in January, said Thursday in President Hugo Chavez.

Vinci said on Thursday the acquisition by its subsidiary of Vinci Park UK Meteor Parking which achieves annual turnover of approximately 50 million pounds (60 million euros), enabling it to become number four in the sector United Kingdom.

LVMH: A court decision is expected this Friday on an appeal by eBay, convicted in 2008 for dissemination and distribution of counterfeit perfume off approved.

More than a month after the fiasco of the France team in South Africa, the French professional football is definitely getting worse. While professional football league (LFP) expected at worst to a deficit of 150 million euros, the National Monitoring Directorate Management (DNCG) has recently established its report on the finances of French professional clubs. And the finding is instructive: their accumulated loss stood at 180 million euros for the 2009-2010 season, including 140 million for the Ligue 1 clubs. Record. The precedent dating from the 2002-2003 season with a deficit of 167 million.

And yet, the French professional clubs we were accustomed to much better in recent years. "This deficit is due more to a sharp decline in revenue related to shipments by a sharp increase in spending that we had already seen last year," said Vincent warmShe expert sports Ineum Consulting.Today, the situation is simple, both for small than for large clubs: he must sell players first and then build his team. This is far from easy. Why?

Spanish and English clubs are more buyers

Their main "clients", English and Spanish clubs, bear the brunt of the economic crisis and could not like each year to buy the best French players. And unlike like the French clubs do not hesitate to buy great players, the calculation is done quickly. "This deficit is a matter of timing. French football is constantly lagging behind the economic cycle.The French clubs have spent much of last year through the renegotiation of TV contracts in 2006, and the establishment of the right to collective image (which exempts a portion of payroll taxes to pay athletes, can not exceed 30% of the total, Ed), whose clubs n (were really benefit in 2009, "said Vincent warmShe.

Although we are far from 800 million euros of debt the English club Chelsea in January erased by its Russian owner Roman Abramovich. But the fact that this ad is not necessarily good news when we know that UEFA is planning to launch its draft financial fair play in UEFA's two years at the initiative of … France. Thus, from the 2012-2013 season, clubs will no longer spend more than they earn.Again, the French clubs are not the worst placed in terms of expenditure, but in terms of income, they are far from being the first …

If one were to summarize the 2010 summer transfer window, we would call dull. Like any economic activity, football suffers from the crisis. Marseille and Lyon have already purchased a lot last year and Paris and Bordeaux have had a sporting season 2009-2010 more than complicated. Thus, the OM has bought Andre-Pierre Gignac and Loic Remy because they sold Mamadou Niang (at Turkish club Fenerbahce) and lent Hatem Ben Arfa (at English club Newcastle).

Aulas has made "a little fun"

What about Lyon? Until the "little pleasure" that became Jean-Michel Aulas, the Lyon president of purchasing Yoann Gourcuff for $ 22 million last Tuesday, the club Lyon had previously spent only 6 million euros with the former Rennes Jimmy Briand.Far from 82 million spent a year earlier. "Unlike the big Italian clubs, English or Spanish, French clubs can not afford a repeat of" such "transfer window several times. The DNCG requires them to control their spending. And when the crisis gets involved … "Says one expert.

Last year like this year, Lyon as Marseille have sold less and less purchased. But the fact remains the same: they have spent more than sold. The OL has purchased $ 28 million and sold for 3 million in summer 2010 transfer window (82 million against 45.5 million in the transfer window in 2009). For the OM, the losses amount to 13 million euros in the summer 2010 transfer window (about 23 million euros in the transfer window in 2009). For its part, had to sell Gourcuff Bordeaux to balance its accounts and Paris Saint Germain all the trouble to sell his "big bucks" to be able to buy a defender. The crisis affects everyone.Relatively speaking …

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