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The bank said target savings of 4 billion euros of equity at end-2013.

To this end, she had set the goal of lowering rapidly than 5% of the costs CIB. Plans job cuts had been launched in Romania, Poland, Egypt and Russia.

Before the General Society, Italian UniCredit, the British HSBC and Barclays, Credit Suisse or Bank of America announced this summer plans job cuts payday loans guaranteed no fax.

Employees of BNP Paribas will be set for their Wednesday morning on their fate: the management of the bank called a central works council (CEC) to present its own special plan to cut staff in France.

Many affordable individual health insurance products are available for practical and smart consumers of the modern period.

European stock markets resumed a little height on Wednesday morning, after the statements of Olli Rehn. In Paris the CAC 40 2.59% advance to 2924.50 points. London ahead of 2.30% and 2.39% in Frankfurt. European Commissioner for Economic Affairs has indeed mentioned in an interview with the Financial Times, a European plan to recapitalize banks. Reassuring news while the Franco-Belgian bank Dexia, the first victim of the debt crisis must be dismantled. "We share a growing opinion that we need a concerted, coordinated in Europe," he said, "the capital of European banks should be strengthened to give them a safety margin and so reduce uncertainty "in markets.

Wall Street has offered a nice rebound late in the session after the publication of these declarations, against a background of technical rebound.Europe should follow the trend, despite the announcement of the degradation of the Italian note by Moody's. In Paris on Tuesday after completing a sharp drop of 2.61%, the CAC 40 is trying to bounce back. Asia is more mixed, however, shows Wednesday morning, the Nikkei declining more than 1% to less than half an hour of closing.

In terms of macroeconomic indicators, two figures for the euro area will be published on Wednesday: the retail trade for August and the second estimate of GDP in the second quarter.In the U.S., the ISM index of activity in services is expected in September to 16 hours and the weekly crude oil inventories at 16:30.

Oil markets, fell sharply Tuesday after the courses are starting to rebound on Wednesday morning in Asian electronic trading: the Brent North Sea crude for November delivery gained 1.67 dollars to 101.46 dollars. A barrel of "light sweet crude" for delivery in November was appreciating his side of 1.91 dollars to 77.58 dollars.

The banking sector up

Following statements by Olli Rehn, the banking sector will be particularly followed on Wednesday. In particular, Dexia remains a key concern when it was dismantled has been approved. The Franco-Belgian bank has confirmed the creation of a "bad bank" combining its risk assets.The European Banking Authority (EBA) also discuss the situation of the bank on Wednesday.

Investors engaged in an intense hunt for bargains in the banking sector free instant credit score. BNP Paribas advance of 6.20%, 5.38% of Societe Generale and Credit Agricole of 6.34%, despite the deterioration of recommendation from Goldman Sachs on the sector.

In addition, Goldman Sachs on Tuesday lowered its price targets of several French banks: it is reduced from 68 to 58 euros to BNP Paribas for 9.70 euros to 6.90 euros and Credit Agricole 3.60 to 2 , 80 Natixis. Societe Generale is seen removed from the list of réfence European bank, which reduces its recommendation on the title of "buy" from "neutral."The price target is reduced from 45 to 32 euros.

The energy sector will also be monitored: the CGT federation of energy called because the employees of the gas and electricity in a strike on October 11 as part of a national day of mobilization under five French unions .

Axa (2.39% to 9.20 euros) indicated that the depressed stock market could affect its objectives in 2015 but ensures that its balance sheet remains strong at the end of September.The insurer says remain "fully engaged" in achieving its objectives and it reiterates its policy of dividend distribution

In addition, U.S. funds TPG and KKR and the Caisse de depot et placement du Quebec have submitted preliminary offers for the acquisition of Axa Privaty Equity (AXA PE), the division of equity sold by Axa, according to La Tribune.

The reinsurer Scor (0.93% to 15.78 euros) also confirmed the financial goals of its strategic plan by 2013, especially a return on equity of 10% above the risk-free rate and credit rating Level "AA".Scor still expects a gross premium volume amounted to over EUR 10 billion in 2013, an annual growth rate of 14% between 2010 and 2013 as against 9% previously.

Gecina (-3.05% to 61.05 euros) announced thanking its general manager, Christophe Clamageran, because of differences over priorities in the implementation of the strategy of the real estate group. Bernard Michel, Chairman, is CEO of the company.

Wendel (4.48% to 45.05 euros) said Tuesday it has completed the acquisition of Mecatherm, the global leader in equipment for the bakery industry valued at around 170 million euros as part of the operation.

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"Europe stands ready to rescue its banks

The atmosphere is dull on the Bourse de Paris. The CAC 40 has started the last quarter of 2011 in very bad auspices. It lost 1.85% to 2926.83 points in trading volume reduced by about 2.5 billion euros. In the third quarter, the index in Paris had already sold nearly a quarter of its value. Since the beginning of the year, the CAC 40 listed companies have fallen dramatically. Some of them are worth less than their enBourse assets.

The debt crisis in Europe and fears of more and more vivid on the strength of global growth continue to weigh on equity markets. Elsewhere in Europe, London has also fallen by 1.03% and 2.28% in Frankfurt.

Wall Street also continued to brood despite two indicators of good quality. The ISM manufacturing index rose unexpectedly in September and construction spending rebounded in August.Sitting in the Dow retreated, however, and the Nasdaq 0.81% from 0.66%.

Greece shower markets

Greece literally showered the markets by announcing Sunday night that it would lack its budget deficit targets. The news comes particularly ill at a time when the country is in discussions with the Troika of its creditors, which brings together the European Union, the European Central Bank and the International Monetary Fund – and while the finance ministers of the euro area meet Tuesday in Luxembourg and those of the entire European Union, in order to advance the implementation of secondary debt to Greece business cards.

Athens puts out all the stops, however, multiplying the austerity measures to obtain payment by October 8 billion euros in loans promised in the first part of its rescue plan.Without this money, Greece may be in default in the coming weeks.

Banks are feeling the pinch

Brunt of fears in the eurozone, banking stocks always accused the coup, like BNP Paribas (-4.64% to 28.65 euros), Credit Agricole (-3.84% to 5.03 euros) and Society General (-5.15% to 18.97 euros). For its part, Dexia plunged nearly 9%. Moody's threatened to degrade the Franco-Belgian bank. The rating agency is concerned mainly financing conditions of the group in a very difficult market environment, in turmoil for French banks.

Cyclical stocks were affected by their side signs of slowing global economic growth. Technip has lost 6.39%, 2.37% and STMicroelectronics Schneider Electric 2.76%.Even the titles of the car manufacturers have suffered while registrations leveled off in September. Renault finished on down 2.93%, 3.97% of Michelin and Peugeot SA dropped to 2.10%.

Alcatel Lucent (-11.61%) registered the largest decline in the CAC 40, Nomura has damaged the entire industry.

The Paris Bourse, after changing course several times in the morning, remains close to balance mid-term. The CAC 40 in advance symbolically from 0.38% to 3034.20 points. The day before, was awarded the CAC 40 5.74% to close at 3023.38 points. Same trend in Frankfurt the Dax gleans 0.32% and the FTSE in London ahead of 0.18%. Fears about the strength of global growth are making a comeback. Economist Nouriel Roubini known to have foreseen the financial crisis of 2008 before anyone else, believes that the United States and most advanced economies are already in recession.

The Paris Bourse keep their eyes on the crisis in public finances in Europe and particularly Greece. For several days, investors expect tough decisions to stem the debt crisis in the eurozone.Europeans should take measures to stabilize Greece and the banking sector. Strengthening the emergency fund indebted countries (EFSF) was particularly mentioned. Donors of the "troika" must return to the country Thursday confirmed aa the European union. German Chancellor Angela Merkel said Wednesday await the outcome of the audit of the troika on the financial situation of Greece, to determine whether or not to renegotiate the terms of the second aid plan in the country decided July 21 .

Meanwhile in Europe, the rigor needed everywhere. After Greece, Ireland, Portugal, Spain and Italy, it was the turn of France to deliver a message of rigor.The government will finalize a 2012 budget of rigor at 17:00 with a public debt of 87% in 2012 and a tax ratio that exceeds the 44% of GDP next year, against 42.9% in 2011.

The numbers of zero growth (0.0%) in the second quarter were confirmed by INSEE on Wednesday morning. Other macroeconomic indicators are expected across the Atlantic: orders for durable goods in August, the United States will be published at 14.30 and the weekly crude oil inventories at 16:30.

As for the oil markets, a barrel of "light sweet crude" for November delivery lost 1.25 dollars to 83.20 dollars in the morning. A barrel of Brent North Sea crude for November delivery gave 96 cents to 106.18 dollars.The previous day, oil had spread over 4 dollars in New York.

The bank to follow

Among the values ​​to be followed, the bank, which had literally flown Tuesday, evolve piecemeal. BNP Paribas advance of 3.59% to 31.13 euros.

Societe Generale (-0.02% to 20.50 euros) also seeks to sell its stake in Newedge, a subsidiary jointly owned with derivatives Crédit Agricole (0.91 to 5.23 euros), as part of its plan to sell non-strategic assets, according to Reuters.

Green Bank is expected to announce a sale of assets today, reports the Financial Times. Following the example of BNP Paribas and Societe Generale, Credit Agricole and wants to improve its solvency ratios.The amount of the sale, however, was not known by the British newspaper.

The Franco-Belgian bank Dexia (0.33% to 1.51 euros) examine options to strengthen its balance sheet but excludes any split in the group, said Tuesday its chairman at the end of a board whose held fueled much speculation.

Neopost (-2.34% to 56.36 euros) on Tuesday announced an increase of 2.7% of its turnover in the first half (+5.9% excluding currency effects).The solutions specialist courier has confirmed its forecast 2011 and launched a plan to optimize its structures in the United States and Europe which should generate annual savings of about 7 to 8 million euros in 2013 .

Renault (-1.83% to 25.79 euros): According to a source close to the deal quoted by Reuters, its partner Nissan will invest $ 1.5 billion (1.1 billion) in building a factory in Brazil, capable of producing electric cars.

Alten (-3.79% to 21.55 euros) back fortementmalgré the publication of a net income up sharply in the first six months of the year (+26% to EUR 31.9 million) and perspectives optimistic about the rest of 2011.According to analysts of Gilbert Dupont, "the key issue now is the level of activity in 2012," for which the markets seem pessimistic

Goldman Sachs lowered its recommendation to "neutral" to "sell" and target price of 40 euros to 26 euros previously Peugeot (-1.06% to 16.74 euros).

Goldman Sachs has increased its share in Eurotunnel (0.98% to 6.48 euros), crossing the 25% threshold of voting rights, according to an opinion of the AMF, on Wednesday.

Sanofi (1.43% to 50.23 euros) has successfully placed a bond issue of one billion dollars (0.73 billion) maturing in 2014, with a coupon of 1.20%. The title Sanofi rose 0.73% to 49.88 euros.

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"France presents its budget discipline

It's already Christmas in the "civet"! The government has made on Friday, a nice gift for tobacconists. Their pay on each pack of cigarettes will increase from 6.5% to 6.9% of the selling price. This increase will begin in January 2012 and will be spread over five years, the duration of the new "future contract" signed between Valérie Pécresse, Minister of Budget and Pascal Montredon, president of the Confederation of tobacconists. This is in addition to various support measures for tobacco shops located near the border and in rural areas, estimated at 320 million euros.

The increase in compensation benefits, it at all tobacco shops alike. Paradoxical, because "the sale of tobacco as aids have allowed your average income increase by 57% between 2002 and 2010," as recalled by Valerie Pécresse to tobacconists, who held their annual conference in Paris Friday."In total, more than 1 billion euros that came with your support and profession, which has also benefited, for many of you, the effects of the reduction in VAT in catering."

"At least 10 cents more per pack"

In early 2003, a sharp rise in prices had collapsed sales and forced the closure of nearly 5,000 retailers. There remains 28,000. But since 2004, the price increase regular, moderate (6% per year since 2009) did not in fact impact on the number of cigarettes sold in tobacconists, to the dismay of supporters of tobacco control and Department of Health. As a result, sales of tobacco outlets rose year after year at the rate of inflation of cigarettes for their benefit as for that of tobacco, and especially of the state, who pocketed 80% of price of a pack, which brings in each year over 10 billion euros Business Card Holders.

While the additional gift to tobacconists would have no direct impact on government accounts. In all likelihood, the increase will be offset in compensation not to lower fees charged by Bercy, which closely monitors its accounts, but rather by a decrease in compensation of the tobacco industry, as was the case in the previous contract for the future.

To the extent that tobacco companies have no intention of making less money, they will offset the decline in their pay on each packet by an increase in their prices. "To erase an annual decline of 0.1% of our earnings should be increased by at least 10 cents the price of a package," says one manufacturer. "It's a vicious cycle that will strengthen the cause of the difficulties of cross-border tobacco shops," adds another.

Tobacco companies can increase their prices at the beginning of each quarter.Their next rate adjustment will occur not necessarily next January, to the extent that prices will rise by 6% already on Monday, October 17 or 10, as decided by the government. The pack of Marlboro will then 5.90 to 6.20 euros.

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The CAC 40 plunges into the red Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6%, falling more than 4.73% to close below 3000 points to 2999.54 points, after a opened down 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 3.58%, in Frankfurt the Dax was down 3.94%. Madrid and Milan unleash respectively 3.38% and 3.97%.

The health of European banks up to the center of attention. The President of the French Banking Federation (FBF), François Perol, recognizes this Monday, in an interview with Les Echos, that if "bank liquidity in euro is not a problem," "the dollar is more refinancing tense. "Executive Director of the International Monetary Fund, Christine Lagarde, in turn repeats, in an interview published Monday in Germany, criticized the request of a European bank recapitalization. "We think in general it is necessary to recapitalize European banks so that they are strong enough to withstand the risks associated with the debt crisis and low growth," she told the weekly Der Spiegel.

The chief executive of Deutsche Bank, Josef Ackermann, in turn, poured oil on the fire by saying that some European banks would not survive if they were to reassess the sovereign debt of their accounts at market price.Recapitalization forced the European banking sector could in turn send the wrong signal to markets, in this case the loss of faith on the part of authorities in the ability of measures to succeed, however, said Josef Ackermann .

Societe Generale lost 8.75% to 20.25 euros (largest decrease in the ACC). The bank is also penalized by the U.S. federal agency oversight of mortgage that has filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime .

In its wake, BNP Paribas lost 7.33% to 30.97 euros, Crédit Agricole 6.22% to 5.80 euros and 4.85% at Axa 10.01 euros. Natixis lost 5.05% to 2.57 euros.The aerospace equipment Safran (-2.78% to 26.25 euros) will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

Bad signals on growth

In addition to banking problems, the first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August. Following this announcement, Wall Street closed on a sharp drop of more than 2%. U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September)."Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

In China, HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July

No other indicator may move the indices are expected on Monday. One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States payday loans direct lenders.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors.Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

Markit, the company that carries out the PMI, however, said on Monday that growth in private activity in the euro area slowed more than expected in August, falling to its lowest level in two years, reinforcing fears of a return to recession by the end of 2011. The composite index, which summarizes the activity in the service sector and manufacturing fell to 50.7 points against 51.1 points in July, according to a second estimate.

For his part, Jean-Claude Trichet, president of the European Central Bank said it is "imperative" to implement the decisions taken by Heads of State and Government of the euro zone in July to resolve the debt crisis.

The euro fell to 1.4127 dollars, its lowest level in three weeks. For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States. A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.Saft takes off

EDF: -2.77% to 20.37 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -4.67% to 13.46 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.94% to 54.05 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -6.01% to 41.35 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 4.81% to 22.87 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -5.16% to 29.21 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.67% to 12.36 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

The Department of Defense is mobilizing to help reduce public spending. Authorized since 2004 to sign agreements of public-private partnership (PPP), the military have a growing use, like other state services.

The Air Force is leading. It announced yesterday the award of the contract to upgrade its computer networks and communications in a pool of companies led by Alcatel-Lucent. This contract runs on sixteen for a value of 350 million euros, the amount of royalties to be paid by the Air Force over the period. The state expects "tens of millions of euros in savings" through the pooling of engineering resources used on other projects as well as the speed of network deployment."Without the PPP, we would never have as quickly renovate and take advantage of new technologies," says Marc Leclere, director of central purchasing in the Directorate General for Armaments (DGA).

Financial arrangements entrusted to the Caisse des Depots

PPP is the second signed by the DGA and the first for the Air Force. The yard is huge. This is to equip a hundred bases, to wire several hundred buildings and installing 36,000 "access points" (for computer, telephone or system) to build high speed, with the latest fiber optic generation, the future "Internet protocol network service" of the Air Force (Air-RDIP). The construction should start in the coming days with commissioning of the first "positions" equipped end of 2012. The deployment should be completed in 2014. Alcatel-Lucent's partner INEO, an infrastructure specialist defense techniques.

As for the financial package, it is entrusted to the Caisse des depots associated with the Luxembourg investment funds SEIEF. The pool of partners committed to cede 10% of contracts outsourced to SMEs and to provide reclassifications to hundreds of military and civilian personnel involved. Alcatel-Lucent will assume management and maintenance of networks of Air Force with the requirement, half-life of RDIP-Air, an "update" so that it benefits from technological developments.

All of the information flow internal air bases including allowing the Air Force to conduct its missions – such as surveillance of airspace – will therefore be outsourced. The information will be protected and secured through five levels of privacy from the most basic to the "secret NATO" and "confidential defense".Alcatel-Lucent is also committed to service quality (availability and reliability) together with a penalty system if necessary. The operation could RDIP-Air School with the Navy and the Army in time, although for now the two armies have computer networks and communications referred to as "suitable."

Three sectors where the state says its operations in private

1. The defense pointed

The Army had the ball rolling in 2008 benefiting from the first PPP contract signed by the DGA. Specifically, with the company DCI has taken over the management of flight hours and the helicopter fleet of the School of Dax which trains pilots of the French armies.

The contract worth 400 million euros spread over twenty-two years. It must allow a saving of 600 million euros.But the PPP's most famous landmark is undoubtedly the contract of 3 free 3-in-1 credit report.5 billion euros, signed in early June, with Bouygues to build the "Pentagon in French" (pictured) at Balard. In 2014, 10,000 military and civilian staffs of the three armies and the DGA have to regroup. The PPP is not always the rule to outsource activities and services where military competence is not necessary. After the lawn or airport maintenance (based Cognac), the Ministry of Defence had retained in 2006 the American GE Fleet Services to manage its fleet, more than 20,000 commercial vehicles. With, in sight, a savings of 25% on an annual budget of 90 million.

2. Transportation and Maintenance

Bikers of the gendarmerie and the police accompanying the convoy will soon be a thing of the past exceptional.The state decided to entrust to private companies the management of transportation of wind turbines, ships and other bulky goods. Effective November 1, this measure is indicative of the willingness of departments to focus on their core missions. This is the philosophy of the modernization of the state launched since 2007. The functions called "media" such as purchasing, information technology, are among the first to be restructured. "We look first at the pool," says one at Bercy. A purchasing department of the State, which oversees the current purchases of government departments, has been created. The state also uses outsourcing. No more garages in the ministries: the management of their 72,000 vehicles will be performed by private companies at the end of the year. Caretaking, cleaning, heavy lifting, the reception is already provided by the private staff at Bercy.This is also true at the Musée du quai Branly. The Ministry of Foreign Affairs, he, a single private provider for the maintenance of its buildings in Paris. The government can also go further, by giving public-private partnership in the management and construction of prisons.

3. Public enterprises

Public companies, subject to increasing competition, should ensure the public service closer to the citizens without increasing their operating costs. It is the object, including the action plan for rural areas launched last year. The plan includes for example the Post Office launches 17,000 "contact points", mainly in shops run by individuals. In this way, 90% of French people will have access to a courier service within 5 kilometers.For their part, the old disused railway stations could be reused to pool several services in one place: social security office, ticket sales SNCF, EDF payment services. The state is full of ideas. Left to ogle the side of the private sector. The opening to competition of regional express trains (pictured) could well tip the railway in the private sector. It is expected that a "social framework harmonized" be defined so that they retain their current benefits. The Elysee confirmed in an engagement letter to the President of the SNCF. And Nathalie Kosciusko-Morizet, the responsible minister of the SNCF, was asked last June that the negotiations between social partners are committed as soon as possible. These issues should be addressed in the coming weeks as part of Focus on the rail.

World famous for its underground parking, Vinci Park would become better known in Moscow. According to the Russian business daily Vedomosti, the group, in collaboration with its partner, the billionaire Arkadi Rotenberg, a close associate of Prime Minister Vladimir Putin has offered his services for the construction of parking in the center of the capital, and extension Moscow metro.

These two proposals, which, according to officials in Moscow, are currently before the town hall. For now, the company manages parking only international airport Sheremetyevo in the north-west of Moscow. But she wants to continue to grow in the country. "Russia is one of our objectives clearly displayed.(..) We have a desire to develop ourselves in this country where the need for parking facilities are very important, "said a spokesman for Vinci, who declined to give further details on the subject.

Demand exceeds supply

Several years ago, the giant French had already proposed to invest $ 300 million (210 million) in the construction of underground parking near subway stations and in the central arteries of the capital (Tverskaya, Lubyanka). "But officials do not have their assigned sites in places as important," the newspaper said. Same for the metro, which is of interest, "which are under state protection."

Previously, the city financed the construction of car parks and subway lines with its budget without resorting to foreign investors.But today, the ability of Russian manufacturers is not enough to complete all projects planned by the city of Moscow. Therefore Vinci "has all these opportunities" to participate in construction programs, the officials commented.

Of large projects

By five years, the mayor of the Russian capital plans to create nearly 2 million parking spaces, and has already launched tenders for the construction of seven parking spaces for a total of 1520 seats. "A place so close to cost 200,000 rubles (500 euros) and will be more beneficial if an investor takes over the construction of a network," says the director of the Department of Antimonopoly Policy of Moscow Gennady Degtev.

As for the extension of twelve subway lines, the mayor of Moscow also has gigantic projects.The plan to build 14 stations expected to open within two years and opening 75 km of new lines paydayloans. To do this, it provides 343 billion rubles (8.5 billion euros) in its budget between 2012 and 2014.

Possible support for Putin

Through collaboration with the contractor Arkadi Rotenberg, Vinci won the 2009 tender to build the first section of the highway Moscow-Saint Petersburg, whose total cost is estimated at 66.081 billion rubles ( 1.65 billion). According to a former official of the Moscow mayor, support Rotenberg, close to Putin, will once again allow the French company won the contract.

The group Vinci has extensive experience in the construction of car parks in the world.He also participated in numerous construction projects in the metro French cities (Paris, Rennes) and abroad (Budapest, Athens, Hong Kong). However, analysts said, one of the main handicaps of Vinci, the lack of experience on the Russian market. And this handicap could be considered by the Russians during the bidding process. Vedomosti also states that the manufacturer Austrian Strabag also plans to get into the race for the extension of the Moscow metro.

The construction of the highway Moscow-Saint Petersburg is controversial

In July 2009, the Russian Federal Agency Rosavtodor decided to entrust the construction of the first section of the highway Moscow-Saint Petersburg (15th to 58th km) to the North-West Concession Company (NWCC), as part of a public-private project.This company is owned 50% by the French Vinci, the remaining capital is shared between the contractor and the fund Arkadi Rotenberg "N-trans." The construction should also be done with funds from the European Bank for Reconstruction and Development (EBRD), the European Investment Bank (EIB) and the funds of Russian banks VEB and Sberbank. Investors in the NWCC received in exchange for the right to operate the highway for 30 years. But the construction project, which started in 2010, has generated considerable controversy among associations of environmental protection because the route of the highway, which passes through a protected forest. Work has been frozen by Russian President Dmitry Medvedev in August 2010 and were resumed in April 2011. After the withdrawal of the EBRD and the EIB, the group Vinci is the only Western participant in this project.

It is a small revolution for the station and its customers: under a decree published this summer in a discreet and identified by Challenges.fr, the railway company could now set its prices much more freely. Gone are the peak and normal periods, the timing was officially recorded in advance and who presided over the setting of tariffs.

"The decree allows to adjust the price cap to the station for the gradual opening to competition of the railway market," says the text. Clearly, to boost the attractiveness and profitability of the public entity within the opening to competition of the European network, SNCF should be able to offer its customers a range of rates much larger, developed based on supply and demand.

Rate increases on the crowded trains

The gain to consumers is mixed.On some busy routes, these new capabilities would enable the public body to go beyond the current full price of the second class in rush hour fast cash without a hassle. Holidaymakers taking TGV lines busy for example will be expected to pay more. However, for trains shunned by customers, the SNCF would be allowed to go below rates currently charged to attract new passengers.

Such liberalization was requested by the SNCF to the government at the end of last year, in return for the introduction of a tax to finance inter-deficient lines. Neither station nor the government have so far expressed on the subject.Signatory to the decree, the Minister of Transport, Thierry Mariani, was at the time held that freedom of the SNCF tariff should remain regulated, "in that competition does not really exist."

According to Challenges, consumer groups such as FNAUT will be formally consulted before the application of the decree, "probably in the fall."

Fight against the problems of sovereign debt should not kill growth. This is the message sent Tuesday by Christine Lagarde, director of the International Monetary Fund, the world's governments. While massive austerity plans have been passed or are under preparation in several countries, particularly in Europe, it warns against the creation of a "sudden brake budget" that would result in " block the global recovery. "

In this article published by the Financial Times, Christine Lagarde is primarily intended "advanced economies", on the same alarmist tone than its predecessor, Dominique Strauss-Kahn last year. For these governments, while fiscal adjustment "to solve the puzzle is to go neither too fast nor too slow."She said "what is needed is to focus on both fiscal consolidation over the medium-term and short-term support for growth and employment no fax payday loan. This may seem contradictory, but the two are mutually reinforcing, "she writes. "The spending cuts will not suffice, revenue should also increase, and the first choice should focus on measures that affect less demand," said she.

Restoring market confidence

The former French finance minister also notes that "the current market turmoil has shaken confidence in the economy in the world and prompted many to conclude that all the political possibilities had been exhausted."

But "this impression is false and could lead to paralysis," she warns.And remember that "markets can be of two opinions: they disapprove of a high public debt – and may welcome a strong fiscal consolidation – they like even less a low or negative growth."

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