The possibility of a takeover by the state oil company YPF of Argentina, 57.4% owned subsidiary of Spain's Repsol, has provoked a lively access of diplomatic tension between Madrid and Buenos Aires. "Any aggression against Repsol violating the principle of legal certainty will be taken by Spain as an aggression," said Friday the Spanish Foreign Minister, Jose Manuel Garcia-Margallo, just after having summoned the Ambassador of Argentina.

Detonator of the sudden onset of fever, a meeting Thursday between the Argentine president, Cristina Kirchner, and provincial governors, who must consider the possibility of a joint venture with YPF, that is to say partially nationalized. The Argentine government is pressuring oil companies to increase their domestic production, the country's oil bill last year soared 110% to $ 9.4 billion easy payday loans. Accused of not investing enough, Repsol YPF has been withdrawn in recent weeks 16 oil concessions by half a dozen provinces. Repsol YPF is the leading fuel in Argentina, where it controls 52% of refining capacity and 1,600 service stations. It also represents two thirds of the production of Repsol.

"International plague"

In Madrid, some fear that Buenos Aires does not benefit the situation in which economic weakness is now Spain to advance his pawns. Hence perhaps the force of the reaction. The Spanish Secretary of State to the European Union, Inigo Mendez de Vigo, said that "Argentina (would) become an international pariah," warning "that within the international community, break the rules has a price. " The European Commission called on Argentina to "protect foreign investments on its soil."

Subject to market pressure, the Spanish government is ready to break all taboos to address the public accounts of the country. Latest idea, unveiled Monday on a radio by the Minister of Economy, Luis de Guindos: as health care are no longer free for Spaniards earning over 100,000 euros per year. "The regions are responsible for health and education spending. Take into consideration that, in the case of health expenditure, we have accumulated a debt of 15 billion euros and that this can not happen again, "justified the Minister.

The reform is far from being seated. But the Conservative government of Mariano Rajoy has indeed decided to initiate discussions with local executives on this delicate subject. "The regions have to give up spending much of what they spend today," said the budget minister, Cristobal Montoro, in an interview in El Mundo. This can only go through cuts in health and education, two positions that absorb 60% of the budgets of the Spanish regions. Even weakened, the Socialist Party, however, give account of the voice, his number two Elena Valenciano, who said that the decline of these two budgets was a "red line".

British example

If the regions are on the spot like is that they are the cause of the slippage of the Spanish public deficit, which reached 8 guaranteed online personal loans.5% of GDP in 2011 instead of the 6% forecast. To reduce the deficit to 5.3% the government has unveiled a new austerity plan (down from departmental budgets, cuts tax loopholes etc..). But that was not enough to reassure markets. Hence this new trial balloon, that was just after the Minister of Economy assured in an interview with the Frankfurter Allgemeine Zeitung on Saturday that Spain will emerge from this crisis "without outside help."

The idea of ​​restricting the access of the wealthiest households in the social system is not new in Europe. The UK in 2013 will remove child benefit when parents earn over 88,000 pounds (106,000 euros). In France, however, no candidate provides such a measure. Health, successive governments have preferred to increase the share paid by all French. One solution that the Spanish Economy Minister determines not to be "a panacea".

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For the third and penultimate trading session on the agreements "competitive employment", management has decided to accelerate. A draft framework for these agreements was submitted Tuesday to the unions to allow companies to adapt working time and wages according to the activity and avoid having recourse to short. On this subject on the table by Nicolas Sarkozy in January, the MEDEF is pressed to agree – while the unions themselves, the play shows until the presidential election.

Laurence Parisot, the boss of bosses, gave instructions to his troops to quickly reach a compromise: "Beyond the election, so does employment and business life."

The project submitted by the employers provides that such agreements are negotiated within the company, with unions that are present payday lenders. "The branch is present in an advisory capacity and can not be blocking," says Patrick Bernasconi, leader of the employers' delegation. Moreover, the agreement should be concluded for a fixed period, not exceeding two years. The refusal of an employee to accept a dismissal would sui generis authorizing him to receive severance and termination pay.

The unions responded in a disorganized, the polite refusal of the CFDT not judging "not balanced" the denunciation of a "job blackmail" by the CGT.

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The French like their views. In 2011, the 45 million Internet account that France have published on the Web about 1.1 million recommendations on local businesses, according Nomao, a search engine "places" which screens more than 100 daily million web pages in five languages. Hotels, restaurants, grocery stores, hairdressers or museums, more than 15 million locations that are subject to the judgments of users throughout Europe. And the French are the champions in this field. They "posting" a comment for 40 users, one for 45 against Italy, one in Spain to 51, and 55 for the UK. Germany is lagging behind, with a comment for 106 users.

Changes in gross terms, notices on the Internet between 2007 and 2011. Photo credit: Nomao.

These blackouts are more embarrassing for BlackBerry, which had the reliability of its services is signed. Aimed primarily at business users, the brand can not afford such failures.Especially since it is increasingly challenged, including the professional market, including smartphones from Apple and Samsung faxless cash advance.

Rumors of sale to Vodafone and Microsoft

In addition, these incidents are still undermining the leadership of the group which faces a shareholder revolt led by investment funds. They call for a change of management or the sale of the company. Since the beginning of the week, rumors have multiplied. The Wall Street Journal referred to a sale of the Vodafone brand. Others imagine a takeover by Microsoft, but it already has a partnership with Nokia.

These rumors have helped support the stock price. On Wall Street, on Tuesday, shortly after 20 hours (French time), the action Research in Motion (the maker of BlackBerry) was the same upward trend, gaining 3.63% to 24.07 dollars.

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What happened in three years for such a reversal of steam takes place? The answer lies in the United States. In September 2008, Lehman Brothers went bankrupt and causes his fall in the economy and global finance. Or "platinum, like palladium, is a precious metal that is used to build cars.The automotive sector, linked to economic conditions, decreased high during the crisis. The platinum price has consistently dropped sharply during this period, "said Steve Allard XTB.

The evolution of the gold price since February 2010 (top) and platinum in February 2006 (below). Source: XTB France

In Focus: the wealthiest Americans. Barack Obama chose not to extend beyond the end of 2012, the expiration date, the tax breaks granted to wealthier by the administration of his predecessor, Republican George W. Bush. "We can not afford these tax rates low for the rich.We can not help us while we are suffering large deficits, "he says.

The most significant proposal remains the introduction of a tax, "Buffett," the name of the investor Warren Buffett who has proposed. As expected, Bush did not go into details about the conditions of its applications but according to the New York Times, the tax on millionaires that will concern only 0.3% of taxpayers.

"This is not the class struggle is mathematical"

According to Barack Obama, "it is not the class struggle, it is mathematical," he joked, responding to criticism from his Republican opponents who accuse him of wanting to punish those who have succeeded and discourage "create jobs". "Any reform plan will increase revenues to help reduce our deficit.This must be part of the formula, "argued the U.S. president, noting that" middle-class taxpayers should not pay more taxes than millionaires and billionaires. It is loud and clear, and difficult to contradict. "

The project also includes U.S. President down $ 580 billion (425 billion) in mandatory spending on social programs, including Medicare (health insurance for the elderly) and Medicaid (the federal program for the poor). It is also banking on an economy of one trillion dollars (733 billion) over ten years due to the withdrawal from Afghanistan and Iraq.

But the camp of the Republicans who control the House of Representatives has already ruled out raising taxes to reduce debt abysmal in the country.The proposals of the White House must still be forwarded to a bipartisan parliamentary committee, which means that this bill is unlikely to be adopted in the state.

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"SPECIAL CRISIS: fear of debt

The Tokyo Stock Exchange sets the tone with an opening in the red, down 0.42% for the Nikkei. The Japanese benchmark index widened its losses in the morning to show a decline of 1.24% to 8944 points at a time of closing. A new mixed indicators on the front disrupted operators: Japan reported in a July trade surplus, four months after the earthquake of March 11, but the surplus has shrunk by more than 90% because of lower exports and a surge in energy costs.The third largest economy last month generated a trading profit of 72.5 billion yen (650 million), confirming a recovery in economic activity, but its exports fell by 3.3%.

Tokyo is hit by a rise in the yen against the dollar, which traded below 77 yen again this morning values ​​exporters are under pressure, in the image of Mazda Motor (-5.65%), Fuji Heavy Industries (-5 , 16%), Nissan (-2.96%). The electronics sector is hit by the fall of Dell in the U.S. markets. Toshiba lost 4.45% and 2.34% Panasonic.

Hong Kong is the perfect balance while in Shanghai, the stock market unscrews from 0.34%. The Korean Kospi lost 2.95%, the S & P Australian loose 1.40% and the Indian Sensex was down 0.73%.

Oil off again down

Oil prices were down Thursday morning in electronic trading in Asia as investors await key U.S. economic indicators, the first consumer of black gold in the world. On the menu, including: the weekly jobless claims, the index of leading indicators and consumer prices.

In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars. That of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Martine Aubry. "France is suffering from a triple deficit," the public finances, employment, and competitiveness, it says in the Journal du Dimanche (JDD). Two thirds of the deficits are due to the policies of Nicolas Sarkozy, she said, based on a report of the Court of Auditors.

Ségolène Royal. "It's not just a financial crisis but a crisis of civilization," suggests the president of the Poitou-Charentes in an interview with Le Parisien-Aujourd'hui en France. She said "the level of life and employment" are threatened.

• Debt

Aubry. You should immediately "remove 10 billion euros of tax loopholes" as mayor of Lille. It promises to allocate 50% of the financial benefit generated by this measure and the resumption of growth to reduce deficits, echoing a measure explicitly listed in the program of the PS.It is opposed by contrast to the golden rule, namely fixed in the Constitution the principle of balance of public finances.

Royal. "I move that the expenses are secured by new savings." It accuses Nicolas Sarkozy had "doubled the deficit" in part because of "tax breaks to large fortunes".

• Taxes

Aubry. "To boost growth, [should] drop to 20% corporate tax (IS) that reinvest" and penalize those who prefer dividends by increasing the SI to 40%.

Royal. She wants the Estates General on the reform of tax and tax. Then "a referendum to stabilize the rules for five years fast cash online." It also intends to "fight against injustice and tax fraud."

• Employment

Aubry. The candidate wants to eliminate tax benefits related to overtime "that block the hiring."She wants to allocate 50% of future budgetary scope to "investment for the future", that is to say much to use.

Royal. It does not mention once the words "employment" and "unemployment" in the interview to Paris to denounce the current situation. Without advancing a proposal on the subject.

• Finance

Aubry. "It is time to take up the policies on finance," she proclaims. She wants to create an independent rating agency and a financial transaction tax of 0.05% in Europe. What to report 200 billion euros a year, she said.

Royal. It offers "the entry of the state capital of banks that are helped," and wants "to prohibit speculation in government debt." It ensures that in countries where the banking system is controlled by the state, "growth is the appointment."

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The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic.The overwhelming investor nervousness could therefore persist while no major indicator is the program on Thursday.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London. Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq. However, on Thursday, appeasement was back on the Asian stock markets that are returned to the green or showed moderate declines.

Societe Generale attacked again

Gold continues, meanwhile, fly from record to record.The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.

The title is particularly battered Societe Generale: having lost 14 instant payday loans.74% Wednesday, it opened on a rebound of almost 9%. But again plunges 4.13% to 21.265 euros."The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.

For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added.SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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