This downward revision is the result of a contraction in activity. On the contrary, the good performance of various businesses, including the Brazilian telecom operator GVT and subsidiary of Activision Blizzard video games, should provide an additional net profit of 200 million euros.

The head of the Italian Government is committed to the adoption by Parliament before Nov. 15 its plan to revive growth, the first stage at least. The measures were approved Wednesday by the Cabinet. Among the main liberalization of regulated professions and local public services, commitment to gradually raise the retirement age to 67, administrative simplification, auction of 15 billion euros in property assets of the state in three years.

This plan is in addition to 54 billion budget savings passed in September to restore public finances to balance by 2013, when the deficit reached 3.9% this year.

The first event will be played next week in the Senate.Silvio Berlusconi to seek the confidence for his government. He should get it easily, with a large enough majority in the House. In the process, he will present the text for final approval in the House of Deputies. It will be a different story. On October 15, on another vote, there was obtained the confidence by 316 votes against 301. But since his majority has disintegrated. Six deputies Wednesday, two more have defected Friday. "They will return to their positions," said Silvio Berlusconi in Cannes Friday.

Days numbered for the government

A release is actually unlikely. For four days, the Head of State Giorgio Napolitano multiplies the consultations, calling on all political forces, including opposition to "assume their responsibilities in Europe."

The $ 108 billion euro responds to both a technical and more political trade-offs. Technically, the European Banking Authority (EBA) has made his calculations on the assumption that banks will have eight months to meet the essential requirements of the new regulations – "Basel 3" – which formally enter into force that in 2019.Objective: that all institutions show a capital ratio of at least 9% of their assets. Specifically, compared to its previous simulations, EBA is considered as the most robust to estimate the amount of capital now available to banks and was more rigorous assessment of their risks, especially those of market activities, and above all, she valued at close to their market price sovereign debt they hold.

No details have yet been given official in this regard, but the write-offs adopted by the EBA would range from 8% for Italian bonds and 60% for Greek securities, to Ireland, Portugal and Spain .In contrast, gains were recorded in German and British debts, for example, who have for the time of the "flight to quality" that characterizes the movements of the market since early August. Which "limit the damage" on the final bill, particularly in relation to IMF estimates, which amounted to 200 billion euros needs area banks.

Restoring confidence

In fact, anything and everything has been said – by the EBA, the IMF, the various States or analysts – the "hole" facing the industry in Europe. Therefore difficult to separate numbers. Most, however, they will give confidence, and for this area of ​​the 100 billion seems appropriate. The goal is indeed to remove the doubts of the market about the ability of banks to the shock of the crisis. Take into account the devaluation of the debts of European countries in this regard was indispensable.But the operation "truth" of banks should not create new concerns about the ability of Europe to bail them out.

The general rule is certainly that financial institutions are themselves the solutions by reducing their balance sheet, affecting more profits to strengthen their capital rather than dividends or raising new money market or from large investors. But if these remedies do not pay the entire bill (in France, they should suffice), states, and ultimately the EFSF, will take over. This requires that the effort required to banks or to the extent of the means that Europe is ready to release for them.

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Following a partnership with the network Opportunity Finance Network (OFN), which brings together EU funding programs, the Iniative is especially disadvantaged communities.On its website the program said that the U.S. unemployment rate (which reached 9.1% in August) was respectively 11.3% and 16.7% for Hispanic and African-American. "Most of them lose hope in the American Dream," will raise the project on its web page.

Starbucks treats its corporate image "responsible"

By playing the card of solidarity with America as "indivisible" on its website, the program appears to be a snub to American politics, still divided on the plan for the use of Barack Obama cash advance no fax. On a $ 447 billion, it runs for hours with opposition from Republicans, who control the House of Representatives."Massively increase taxes, to save and build on a ghost reform of social programs, it is not a recipe for economic growth and labor market," blasted the leading Republican senators, Mitch McConnell, in mid-September, while a vote on the plan should take place this month.

This picnic doubles as a political stunt for sacred Starbucks. With his "plan for employment", the chain founded in 1971 reinforces its image as a "responsible" to boost its business. The abyss in 2008 and 2009, marked by 800 closures, including the channel up the slope by converting to fair trade coffee, even raise the price of some of its cappuccinos and espressos.

For now, the strategy is paying off.Howard Schultz, founder and boss, recently welcomed a "record year" in our columns this year, but ahead of numbers. Starbucks, which already has 9,500 coffee shops across the Atlantic, wants to open 200 in 2011-2012. The business of small black are actually ironed the green.

(1) "How Starbucks saved his skin without losing its soul", published by Editions of Telematics and Patron

For over a year since employees bought the complex in 2008 by the American group at Shell are worried about the survival of their institution on the banks of the Etang de Berre, a center of petrochemical refineries with four French.In May, they had hope again, the company announced it was selling its refinery in which "the extent of losses (…) was no longer sustainable." She had mandated Barclays Capital to find buyers. Soon after, the government had instructed the French agency for international investment to assist. But if the AFII continues to seek a candidate, LyondellBasell would have thrown in the towel.

"Berre refinery is old and of modest size with an output of 5 million tonnes against a national average of 7 absolutely free credit score.5 million, says Jean-Louis Schilansky, president of the Ufip. However, gross margin refining fell to 13 euros per tonne, a level close to that of 2009, when the French refineries had recorded nearly $ 1 billion in losses. "

But, said a council employee, the decision to close seems taken since last spring.Otherwise, why ask in June, the commercial court to appoint an ad hoc agent for the Company's petrochemical Berre covering all employees of the site but not the assets and accused of heavy losses, forcing them to recapitalize before end of the year?

General Assembly

Employees do not agree with the diagnosis of their direction. A study by McKinsey, commissioned as part of a right to notify, concluded that "the next five years, the site is profitable as a whole, integrating the refinery."

So they want the company to reconsider its position and keep the refinery or offer to sell the entire site has been designed on a model built around the refinery.The inter-union (CGT, CFDT, CFE-CGC, FOR, CFTC) will hold a general meeting Tuesday at the end of the works council at the entrance of the petrochemical complex, "to decide on a large-scale strike if announcement is confirmed. "

But as of August 24 the menu was plentiful, there are steps to the draft budget law in 2012. The most symbolic is the contribution on high incomes.

Another highlight, this time for more households, the text provides for a new plane to 10% on tax loopholes, applicable to income taxes payable in 2013 on the income of 2012. Niches related to employment, such as for an employee at home, will be spared. In fact, the devices are planed the twenty-two last year.Among them, the more niches are used overseas and the tax credit for energy-saving work in the slot.

Real estate very touched

In the job description, statement by the site Mac4ever.com, Orange says that "one of the main issues the mission will be to define as precisely as possible the impacts of a device like the iPhone 5 on the consumption of internet customers ". A little further, it is discussed again the technical capabilities of the "iPhone 5" citing a "change of use induced."The course, whose duration is not specified, is offered to any candidate of a "bac +4 or 5", "training business school, university marketing or engineering course."

Leakage and clues

For now, the new model of the firm at the apple does not even name, but fans call him the iPhone 5. Apple intends to spring a surprise at the presentation, probably in the fall of the device by the big boss Steve Jobs. But a few leaks have already created a stir on the Web. Thus, prototypes of covers for the unit exposed on the Internet suggest that the phone is thinner and has a larger screen.

Some new features expected seem to motivate the concern of Orange on new uses for its customers.the next iPhone should have included a faster processor which will further improve surfing on different sites, but also a camera and video better, all of which can affect the amount of data exchanged on the networks of operators .

On the other hand, the new operating system of the iPhone, which is tested for several weeks by developers certified by Apple, allows the "iClouding" permanent safeguard wireless content of the smartphone in a "cloud" Remote memory giant already announced by the American manufacturer.

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Friday afternoon, one of the rebellious Republicans who opposed the text, however, assured that "progress has been made during the night" and that the new outcome of these debates has a good chance late to consensus. He said it might even be voted on today.Barack Obama convened a press conference at 4:20 p.m. (Paris time).

But this enthusiasm individual finds little echo at the moment across the Atlantic. Uncertainty remains as to whether complete or not to reach an agreement acceptable to all.

In the current debate, there are three scenarios for the economic future of the United States from August 3.

1. The black scenario: lack of agreement

If elected officials in Washington can not agree before August 2, deadline set by the Budget Ministry, the United States can no longer borrow on the markets to finance their debt. But they must repay $ 30 billion to investors since August 4 and 27 billion dollars on 11 and finally $ 25 billion Aug. 15.Without a penny in cash, or almost: only tax revenues can be punctured, or the product of savings that could be achieved by closing the federal government. Will this be enough there?

If the Treasury does not respect its commitments, it is expected that the rating agencies put the U.S. in a position of "technical fault", ie temporary bankruptcy. "The impact of a default would cause, according to the Congressional Budget Office, a sharp decline in stock markets, higher interest rates for businesses and individuals, and the dollar would fall against other currencies.It could also cause serious malfunctions in the payment systems and credit markets. "

Credit Suisse expects the bank, in the extreme case of a temporary failure of the United States, a drop in U.S. stock prices over 30% and a deep recession for the economy, equivalent to a 5% drop gross domestic product. Because of the importance of the U.S. economy in world trade and the interaction of financial markets around the world, the crisis would have consequences in many countries.

2. The scenario gray: a minimal agreement

Imagine that Democrats and Republicans find a compromise before Aug. 2, just enough to raise a minimum ceiling of the debt. This would not rating agencies."If you get a mini-agreement, the U.S. will be damaged" and in the coming months will lose their prestigious AAA rating, threatened John Chambers, head of the country rating from Standard & Poor's.

For one simple reason, said Paul Mortimer-Lee, chief economist at BNP Paribas CIB: "If the politicians in Washington can not agree on something as simple as the ceiling of the debt, how can they find a complex agreement to address long-term public finances U.S.? "

Note If the U.S. is actually degraded, the burden of debt to increase by $ 130 billion over ten years, according to the Congressional Budget Office. Some analysts believe that there is not much panic in the markets."Most of the holders of U.S. debt securities, called" Treasury bills ", hold them not because they have such a note, but because they are simply … Treasury bonds, "issued by the world's largest economy, ahead Ciaran O'Hagan, Societe Generale CIB. This leads to some confidence in this investment. And this, especially since, according to Jean-Baptiste Pethe, Exane BNP Paribas, "there is no real alternative to the U.S. market debt."

3. Rosy scenario: an agreement giant

If all went as in a perfect world, a compromise would be found to both raise the debt ceiling and the long-term reduction of U.S. deficits through an austerity plan of 4000 billion. In this case, the rating agencies confirm the full credit of the United States, whose debt would remain labeled AAA.Investors, stung by the crisis in the eurozone, would rush to buy Treasury bills, analysts expect UBS.

Such a plan of debt reduction, however, would cost dearly to the U.S. economy. A recent study by the International Monetary Fund, the United States should inflict an even greater fiscal discipline than that imposed on Greece, Ireland and Portugal, to reduce debt below 60% of reasonable gross domestic product in 2030.

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The job cuts in the public sector continued to fill the statistics, with the destruction of 39,000 jobs in June. Companies for their part, slows down the pace of hiring (57,000 in June after 73 000 in May and 241,000 in April). Job creation in the industry remained at a low level, those in services have melted in a month from 70,000 to 53,000.

The unemployment rate, calculated on a different basis, for its part, rose to 9.2% in June after 9.1% in May

At 43, Philippe Nicolas (ESSEC, NAS), board member and CFO of Euro Media Group (provider of audiovisual services) and former CFO of the group France Televisions will succeed Nathalie Collin Laurent Joffrin who will join the group Nouvel Observateur.

Chairman of the Supervisory Board and shareholder at 26% of Libération, Edouard de Rothschild had said in early June Figaro interesting applications that were submitted to succeed Nathalie Collin."We will choose three: Bruno Ledoux, Colbert Land Group, the daughter of the Italian shareholder Carlo Caracciolo, and myself," he had said.

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