Can we talk of success? Yes, in terms of revenue for the state. Still, some believe that the French would hide 90 billion euros in the vaults of Swiss banks. Less than 10% of assets have been regularized. This raises the question of a new policy in the fight against fraud. Britain and Germany have signed an innovative agreement with Switzerland, called the "Rubik". From 2013, Swiss banks will levy taxes on the money hidden in their vaults by the Germans or the British, and then repaid to the treasury of their respective countries.

A figure that takes into account several factors: the investment required for the construction of new production capacity to offset the loss of the atom, the increased use of renewable energy, whose development is heavily subsidized, the increase in imports electricity, the dismantling of existing … Upon arrival, a whole energy landscape is changing: "As a guide, installed capacity equal to a wind farm produces almost four times less electricity than a nuclear site "notes the expert Lionel Taccoen.

In France, six months after Fukushima is the beginning of the presidential campaign raising issues. Socialist candidate in the primary, Martine Aubry considering this scenario on the horizon of twenty or thirty years. For his part, François Hollande does not abolish the atom, but a declining share in the "mix" French energy to 50% by 2025, against 80% currently. In Green, Eva Joly simply consider wind turbines to replace all nuclear power plants. None of the three, however, has quantified at this stage he is defending the option.

Orders of magnitude

Bernard Bigot, the head of the Atomic Energy Commission (CEA), does not figure in his interview with Le Figaro.But the comparison with Germany on which he relies can consider orders of magnitude are staggering: at least 750 billion euros, if we simply triple the German bill to meet the proportion of nuclear power stations in each country personal loans for bad credit. In fact, it could be much more, since France is now three times more dependent on the atom as its neighbor. The consequences, both for public finances and for the customer's bill is incalculable …

In early September, the government, through the Industry Minister Eric Besson, has appointed a committee called Energy 2050, responsible for evaluating all possible scenarios.Its report, which is due early next year, will act more formally on the financial implications of the changing energy landscape.

The companies concerned have also started working. Before the summer, Areva told the PricewaterhouseCoopers study on "the socio-economic power in France." The significant role that industry plays in the national economy is highlighted: 125,000 direct jobs (4% of industrial employment) and 410,000 total jobs (direct and indirect), 450 specialized companies and 12.3 billion euro of value added, or 0.71% of the contribution to GDP.A weight that will also put in the balance at the time to decide.

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After the removal last week of raising VAT on theme parks, the UMP president of the National Assembly, Bernard Accoyer, pleaded Tuesday morning in an interview with Les Echos, a lower threshold for taxation of high income. Those reporting more than 250,000 euros of income would be affected as well, while not the government's plan was originally intended that the income of more than 500,000 euros. "It's still very high level. I think this discussion will be debated in Parliament. I am at least favorable, "said Bernard Accoyer. A proposal that the government seems willing to consider.Europe 1 this morning, the Minister of Economy, Baroin, said here that "it will be discussed in the budget for next year. We made a proposal, the debate is open. " This measure, however, should be discussed in October.

Remove the Consolidated Global Profit

The government and members of the majority have already agreed on Monday to restore the deduction on real estate gains after 30 years in prison out of a good residence payday loan. To finance this partial restoration of the reduction, the budget minister, Valérie Pécresse, expressed on Tuesday on Canal + ready to tighten the tax on luxury hotels and large groups.

"Whatever the arrangements, relaxations or changes you make to a particular measure, it will have to be fully compensated," recalled the minister.To do this, the parliamentarians had proposed to tax at 14% turnover of hotels above four stars. A measure considered "too heavy" by the minister, "the government will propose a more gentle." According to an official UMP city Tuesday morning by AFP, a 2% tax on overnight could be created.

Large groups will also be put to work by striking the Consolidated Global Profit. A regime that benefited in 2010 only five multinationals, including Total and Vivendi, and enabling them to significantly reduce their corporate tax. The shortfall of this niche was for the state to 460 million euros last year.

This will be increased by one major plan: one billion euros in savings and additional revenue this year and 11 billion next year. An effort necessitated by the weakening of activity.The government now expects GDP growth of 1.75% in 2011 as in 2012, against 2% and 2.25% previously announced.

"We are careful to take steps that do not break the growth – from mainly by reductions in or cancellations of special tax treatment ineffective," argued Fillon. While expressing focused on building "social justice", promising to seek "more large companies and SMEs and more affluent households than modest."On closer inspection, it is the holders of wealth that will be most put to the range of measures, including tax on incomes above 500,000 euros, higher taxes on savings and real estate gains, movement of the plane 10% tax loopholes, increasing tobacco prices, lower exemptions from payroll taxes on overtime …

François Fillon has compiled a list of these decisions at a press conference at Matignon, before working at JT TF1. It was really his day! A day that Nicolas Sarkozy has sought not to ruin, leaving his Prime Minister to take the show on the subject that is dear to him: the public finances.Wednesday morning at the Elysee, where stood the Council of Ministers of return, Sarkozy has revealed no information about the extent and content of the savings plan, helping to leave the premiere of his first ads Minister, and thanked them for staying mobilized during the summer and especially during the height of the bear market free credit report and score.

But however long the president returned to the causes of the crisis, which he presented to the government team as the result of displacement of the center of gravity of the economies of developed countries to emerging countries. "It is not a crisis of the euro, he said. It is a debt crisis. "A crisis that requires extra effort. At eight months of the presidential election, Sarkozy seems unwilling to let the idea settle the plan "anti-deficit" would actually be an austerity plan that does not say his name."We're not in an austerity policy. Rigor is when you drop the pensions of retirees, which reduces the salaries of civil servants and that we proceed with a general increase in taxes, "he argued. "It's not rigor. Make no mistake! ", He added to the government.

Some participants saw this as a caution vis-à-vis those on the right, let themselves go these days to use the word taboo. In the first line, the secretary general of the UMP, Jean-Francois Cope, who, in Les Echos on Tuesday, had assumed this term without qualms. "Do not waste time with words," had also added the deputy mayor of Meaux.

Nicolas Sarkozy, who used to repeat that "it is useless to kill the sick healed," remains sealed to the word "rigor".He wants, in the words of a minister, "provide for the future, find the ridge that would allow France to reduce its deficits without blocking the growth." He also wants to convince public opinion that France must include in its Constitution the "golden rule" to return to balance public accounts. "This rule is neither right nor left," François Fillon reiterated Wednesday.

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The only macroeconomic indicator on the agenda on Tuesday, however, was likely to reinforce fears of the market: sales of new housing in the United States have in fact declined by 0.7% in July, following declines of 2 9% in June, according to the Commerce Department. On an annual basis, the sales trend to 298,000 units (300,000 in June after), while analysts on average had forecast 310,000. If other indicators will be announced in the coming days, investor caution, but market volatility, however, should remain in force throughout the week until Friday.

That day, in fact, speak the chairman of the Federal Reserve, Ben Bernanke.Speculation is rife, some still hoping that it will decide a third monetary easing to support the U.S. economy. Will also be unveiled for the second estimate of U.S. GDP for the second quarter.

Banks and investment funds turbulent agitated

Oil markets, a barrel of "light sweet crude" for delivery in October closed up 1.02 dollars to 85.44 dollars in New York. As for gold, it never ceases to reach new records: the precious metal has reached this morning for the first time in its history to 1900 dollars.

As for values, the securities of the banking sector managed to recover. Monday, banks have suffered a lot and have weighed most heavily on the Dow. On Tuesday, Bank of America finally finished down 1.87% to 6.30 dollars.The bank, however, lost up to 6% to 6.01 dollars after losing 7.9% Wednesday on rumors of capital increases.

UBS gained 5.23% to 13.64 dollars, while Goldman Sachs ahead of 0.33% to 106.86 dollars, a government source who reported that the bank had hired Reid Weingarten, a lawyer of reputation, that markets see as the harbinger of a tough legal battle over the role of the bank in the financial crisis of 2008-2009.

News is expanded on the side of investment funds. The fund Cerberus and its partner Chatham Lodging Trust and have informed the United States real estate company Innkeepers Trust (Marriott franchise) they did not buy the walls of 64 of its hotels in the United States.The transaction, amounting to $ 1.1 billion, was announced in May.

The investment fund Jana Partners in New York and the pension fund Ontario Teachers Pension Plan, shareholders of the publisher McGraw-Hill (4.45% to 38.69 dollars), for their part stated the recommended separation group's activities. The two investors, who had announced in early August have acquired a total of 5.2% of the capital, advocated in a paper presented to the authority of the U.S. equity markets (SEC) that the group split its divisions Education, Information and Media and stock index Standard & Poor's.

Finally, on the front of mergers over the world stock markets, the Committee on Foreign Investment in the United States (CFIUS) approved on Tuesday the merger of NYSE Euronext (5.17% to 26.23 dollars) and Deutsche Börse (-0.67% to 56.52 dollars) that should give birth to the first global exchange operator.

The decline was accentuated in London after the announcement of a very slight increase in retail sales in Britain. The Office for National Statistics said that they had increased by 0.2% in July compared to June, while analysts surveyed anticipating an increase of 0.3% from one month to another.This indicator provides further evidence that consumers carve their spending, a development that does not bode well for growth.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

The New York Fed monitors banks in Europe

It is the banking sector is most severely attacked since the Wall Street Journal announced that the New York Fed would step up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them.

In addition, Morgan Stanley lowered its growth forecasts for the global economy for the years 2011 and 2012, the revision is stronger for developed countries.In a note published Thursday, the U.S. investment bank now expects growth in global gross domestic product (GDP) of 3.9% in 2011, against 4.2% previously and 3.8% in 2012, instead 4.5%.

In Paris, Societe Generale (-5.62% to 23.25 euros) is the second largest drop in the CAC. The bank is followed by Credit Agricole (-4.30% to 6.42 euros), BNP Paribas (-3.54% to 35.39 euros), AXA (-3.48% to 10.96 euros) and Natixis (-1.17% to 3.04 euros). The Federal Reserve Bank of New York is stepping up its investigation of the U.S. subsidiaries of major European banks, fearing that the debt crisis in Europe will be transmitted to the U.S. economy through them, reported Thursday the Wall Street Journal

Busy schedule

Already this morning, investors had no indication to follow from Wall Street that sent signals unconvincing with a fence without direction yesterday.Asian markets themselves, showing up mostly in dark red on Thursday. "There was nothing really concrete to put in their mouths for reassurance," says Yves Marc, sales of shares in Global Equities.

The trend could change with the publication of several indicators of weight across the Atlantic. The ball starts in the U.S. earlier this afternoon at 14:30, with weekly jobless claims. Meanwhile, the Labor Department will release the index of consumer prices.To be published 16 hours the index of leading indicators, sales of existing homes and the index of the Philadelphia Fed.

Renault Murail, manager at Barclays Stock Exchange, the market is "worried because we table this afternoon on poor figures in the U.S. that would go in the sense of breathlessness even more evident economic recovery."

The France keep its AAA by S & P

On Thursday, Standard & Poor's is said to be "confident" in the ability of France to maintain its optimum rating "AAA". "The note of France is AAA stable, it is the case since 1975," said the president of the rating agency for the French-speaking Europe Carole Sirou, interviewed on RTL."We are confident on that note," she said, just days after his agency has deprived the U.S. of the maximum score, which makes it possible to refinance with it on the market.

As for currencies, the euro is falling against the greenback in morning trading. It is worth 1.4399 dollars. Investors always react to signals of an economic slowdown in Europe and the proposals deemed disappointing the Franco-German duo on the governance of the euro area.

Investors in the oil market claim to be concerned. In morning trading, a barrel of "light sweet crude" for September delivery lost 33 cents to 87.25 dollars while that of Brent North Sea crude for September delivery yielded 30 cents to 110.30 dollars.

Values ​​to follow

Lafarge: -3.80% to 27.89 euros

The cement may react to the publication of the results of its Swiss rival Holcim.The latter saw its sales fall by 11% to 5.48 billion francs in the second quarter of 2011. Net income group share was down 13% to 347 million. The group remains very cautious in its outlook and believes that there is no sign of recovery in the United States.

Carrefour: -3.10% to 19.36 euros

Carrefour's CEO, Lars Olofsson, said the French retailer was not negotiating the sale of its Brazilian subsidiary to Wal-Mart. "It's not what I have in mind," he said during a tour of forty-eight hours in Sao Paulo, according to Les Echos.

As for recommendations, Goldman Sachs is no longer for purchase at Vallourec (-5.88% to 60.14 euros) UBSpasse to "neutral" against the "purchase" of Veolia (-5.28% 10, 84 euros), Nomura cut its price target on EDF (-4.06% to 20.67 euros) to 33 euros against 47.50 euros.

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Since the rating is downgraded the sovereign debt of the United States by Standard and Poor's Friday, gold benefits from a surge in risk aversion. "Investors are panicking, they lost all their bearings," said Djillali Hacid, technical analyst at XTB France.As the equity markets, traders do not seem convinced by the various rescue plan intended to secure the sovereign debt, in Europe and the United States. "For investors, there is no way for these debt problems. What is proposed is that tinkering is not reassuring and that does not seem able to avoid contagion, "says the analyst. Evidence of the distrust of the operators, the gold had increased its earnings even as the President of the European Central Bank (ECB), Jean-Claude Trichet, suggested that the bond buyback program could resume in support of the Spain and Italy, two countries under pressure from the markets payday loans in 1 hour.

In addition to fears of contagion gloomy growth prospects in the world and especially in the United States where poor indicators are linked in recent days.

In this context trouble, investors consider gold as a safe haven that allows them to cope with economic uncertainty and turmoil in the bond markets. However, riskier assets suffer warning signs that multiply in the global economy, suggesting a slowdown in growth. Oil is one of those sensitive assets.

Soaring gold prices will last

For the coming months, so difficult to imagine a sudden drop of the metal king. The upward pressure is reinforced by the central bank buying. That of South Korea said Tuesday it had bought 25 tonnes of the precious metal on world markets between June and July, a first in thirteen years.In addition, "the attraction of gold is enhanced by the fact that no central bank has control of its course and can not intervene to limit its power," unlike the refuge currencies such as the Swiss franc and the Japanese yen, said Kathleen Brooks, an analyst at Forex.com.

"The growth potential of the gold is enormous. There is not for everyone and if anyone wanted to buy did, prices would rise even higher, "says one in XTB.

In China, the trend is more optimistic: the Hang Seng in Hong Kong climbed 3.27% to 19,963.60 points while the index of Shanghai CSI allows itself to 1.96% 2853.10 points.The indices are likely including a new record, the exports recorded in July, which allowed him to show a trade surplus rose sharply to 31.48 billion dollars, customs said Wednesday. The surplus in June had risen to 21.27 billion in June. Exports rose 20.4% year on year in July, and reached a record value, since 175,130,000,000, they exceeded the amount of those of June, already a record. Imports in turn increased 22.9%.

Investors reacted positively to the announcements of the Fed, which has ensured that U.S. interest rates remain near zero until mid-2012 and is considering other measures to support the U.S. economy in trouble since the rating is downgraded sovereign debt last Friday.Ultra-accomande policy that outlines the real weaknesses of the world's largest economy, which continues, and promotes equity markets mechanically.

Yesterday, the CAC 40 index closed below 3800 points, troubled by debt problems in the United States. One week before the deadline, Congress remains divided despite the new call for compromise of President Barack Obama urged the Republicans to act to prevent default after August 2, including the economic consequences could be severe.

Republicans and Democrats offer two different plans. On the one hand, the Republican chairman of the House of Representatives, John Boehner, insisted on Tuesday his plan, a "reasonable approach" he said to avoid default.On the other, the head of the Democratic majority in the Senate, Harry Reid, defended his rival project. "The Senate plan is the only real compromise that we have in Congress today, and it's best chance to avoid an economic crisis in a week," he said.

The new director of the International Monetary Fund has also called on Washington to "find a real solution." She also asked the Europeans to apply "quickly" the plan against the debt crisis.

The dollar is still worth

Since then, global markets are nervous. In Asia this morning, the issue of U.S. debt was back the Nikkei. Wall Street closed down yesterday for the second straight session."While remaining confident, we also understand that there is some anxiety as we push things until the last minute," lamented the spokesman of the Presidency, Jay Carney.

On the currency side, the dollar is still abused. The euro rises from 0.13% to 1.4523 dollar. Oil is not his direction, the barrel of "light sweet crude" for delivery in August the amount of 34 cents to 99.25 dollars and that of Brent North Sea crude for September delivery taking 17 cents to 118.45 dollars.

In this gloomy atmosphere, operators keep an eye on the indicators of the day. United States, orders for durable goods and the weekly crude inventories will attract the attention early in the afternoon. The Fed's Beige Book will also be an important appointment (20 hours in Paris). The unemployment figures for June in France fall after-hours trading (6:00 p.m.).

Values ​​to follow

PSA: -6.51% to 27.58 euros (largest decrease in the ACC)

Net income in the first half rose 18.5% to 806 million euros and sales of 9.7% to 31.1 billion euros.The negative impact of the earthquake in Japan and the rising cost of raw materials led him to a little more cautious for the full year.

Nexans: -4.07% to 63.09 euros

The group reported a loss in the first half of 151 million euros, and announced a provision of 200 million euros for the European survey.

Atos: 4.05% to 38.80 euros

The French IT services company said Wednesday net profit in the first half of 2011 up 66% year on year to 100 million euros, and welcomed the 11% growth in its operating margin in a statement.

AreclorMittal: 2.37% to 22.70 euros (largest increase in the ACC)

The world of steel recorded a 10% drop in net profit in the second quarter, but has been as expected a further improvement in profitability, according to a statement released Wednesday.

LVMH: 0.23% to 130.30 euros

The group saw sales increase by 13% in first half operating performance and increase by 22%, driven by demand for luxury goods that do not weaken despite the uncertainties surrounding the global growth.

Vinci: 0.92% to 40.97 euros

The group announced Tuesday a record order book and robust business in the first half, making it possible to confirm its growth target of more than 5% of sales in 2011.

Euler Hermes: 2.75% to 61.64 euros

The credit insurer said Tuesday it hoped to reach at least 320 million euros in net income in 2011, an increase of almost 10% compared to 2010 despite continued pressure on prices and the lack visibility of the markets.

M6: 0.83% to 15.88 euros

The group is expected to improve its diversification activities in the second half after a difficult first half of the year, told Reuters on Tuesday Jérôme Lefebure, its chief financial officer.

Safran: 0.51% to 28.56 euros

The group finally completed the acquisition of specialist U.S. facial recognition software L-1 Identity Solutions after hiring a former head of a major U.S. intelligence to overcome any concern related to safety.

Sopra: -0,56,25 euros

The group confirmed on Tuesday its forecast for organic growth in sales in 2011 and anticipates an improvement in operating margin in the first half.

Spir communiction: -2.18% to 38.54 euros

The group engaged in a difficult transformation plan, announced Tuesday he was still a net operating profit in 2011 despite a drop in this indicator during the first half of the year.

Icade confirms its objectives

Next Radio TV: -0.74% to 13.49 euros

The group reported Tuesday a sharp increase in its financial results for the first half, boosted by the increase in hearings RMC and BFM TV background current density.

Icade: -0.62% to 82.80 euros

The group confirmed its targets for 2011 and Tuesday 2012 after reporting strong growth in its interim results, bolstered by improved margins from its Development division and reducing its cost structure.

Compagnie des Alpes: -0.27% to 22.12 euros

The group reported Tuesday a decline in sales on a comparable basis as part of its third quarter, related to a decline in activities of skiing due to an unfavorable timing of the Easter holidays and a deterioration in the snow.

After market, Valeo, Thales, Ipsos and FDR will publish their first-half results. Air France-KLM, Vallourec, Areva, Altran, Mr Bricolage, Rexel, Gecina Nexity and reveal their results and revenues for the second quarter.

However for Barack Obama the "time is running out for agreement on the debt." "If they (elected officials, ie) show me a plan I'm seriously ready to move," said the American president during a conference at the White House.He found that the Republican plan without raising taxes was "not serious" and expressed regret that "elected officials are blocked by their ideology."

Ideas to raise the debt ceiling

"Obviously, time is running out is pourquuoi I told the congressmen that they should submit to me within 24 or 36 hours the ideas they have to raise the debt ceiling," at he said. Barack Obama has decided that this issue should have been resolved long ago, adding that, underlying deficits should be addressed. The owners of private jets and millionaires, could pay more taxes to participate in solving the debt problem, he added savings account payday advance.

He also dismissed the idea of ​​a reduction of $ 2.4 trillion federal budget unless it is accompanied by an increase in taxes."By immersing myself in the numbers, I have not seen a credible plan that would allow us to find 2400 billion dollars without affecting the average American," said Bush. "The idea that we do this without asking the wealthiest among us, or without removing tax loopholes for companies, does not seem serious."

Threat rating agencies

Since mid-May, the U.S. federal debt has reached the maximum allowed, an issue that the Treasury does not get around forever and that requires raising the legal limit by a vote of Congress.The Republican majority in the House of Representatives blocked for now, we want to tackle the deficit, having grown an opposite attitude for years until 2009.

The U.S. president comes as two credit rating agencies have suggested that they could degrade the debt rating of the United States currently in AAA (the best) if no ACORD between Republicans and Democrats was found by the deadline Aug. 2.

(With agencies)