Saturday, the Prime Minister on the road to Morzine already displayed color. Debt crisis forced the state budget for 2012 will be "one of the most severe since 1945." There is no alternative to debt reduction, and it will be possible by reducing public spending, he said in substance.

"The hour of truth has come, he warned.There is no need to attack rating agencies, bankers, speculators or some sort of scapegoat, no need to believe that there are hidden treasures to finance our spending. [...] There is no other income to reduce debt but to reduce spending, "said Francois Fillon. But thanks to these efforts, the Prime Minister considers that France "will remain one of the ten countries in the world with the best financial credibility," and therefore the loan conditions are most favorable.

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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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Fred and Farid are a pleasure to see. Proud owners of brand new premises in the ninth arrondissement of Paris, the duo is pleased advertising. Happy with his jokes, the generation of Digital Natives on which he intends to bury the lines of how pubar Séguéla.

At 40 years old, Fred and Farid are out of the woods: 200 employees, 40 marks, trophies crowning international campaigns lined up in the office they share. For those two did not leave.Like all of their employees is in open space, they share the same desk, in the same office.

Unshaven, a bit thugs around the edges, they like to do the evil spirit on the back of their sister Mercedes Erra, aimed valves, practice self-mockery and derision, claiming an instinctive diversity in the composition of workforce the agency and distrust of the original CV too low fee payday loans.

Fred & Farid met at the end of the previous century and could not framed in the beginning. The video shows them at home, the fact of advertising fame, the happy path. It robbed in the lobby of the new building, which they own, they have plastered their motto: "If one day you give up, we cut the head."Another way of saying that despite the years, it all starts today.

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Not only almost all the members of the Board has never published anything on their respective accounts, but even better, Eric Schmidt, Google's executive chairman, has not even seen fit to open an account! Yet he had recognized in June, its social responsibility in the corner of the Web missed by the group of Mountain View. Obviously, if the realization has occurred, it has not seen fit to invest personally in the newly created social network.As for Google founders Larry Page and Sergey Brin, one would expect them to lead by example. But with a total of twenty-three publications between them at the beginning of October, they do not shine by their reactivity.

The essential personal use leaders

When you know that Google + is considered by its leaders as critical to the future of the company, it is startling how. If Google executives are not even interested in using their own social network, how can they think that people will be tempted to turn?

Like the work of Mark Zuckerberg on his Facebook page or the number of daily tweets Dick Costolo, current CEO of Twitter, the personal use of the leaders of their computer tool is indispensable. A fortiori the case of a new service.It is also the best way to test his tool and consequently, to anticipate possible changes in the future.

As Michael enjoyed in his article, users are perhaps not to expect an extensive use of Google + by its leaders but regular use, if not casual, is a minimum.

The message seems to have been heard by the leadership of the group because in the hours that followed the publication of the article, no less than three vice-presidents have been active on Google +. Even Larry Page made a comeback yesterday in the morning.

"Valuing WebOS"

Meg Whitman. Photo credits: © Mario Anzuoni / Reuters / Reuters

The group offers non-binding expected by early October. If the evaluation of Redcats by the buyers does not seem in doubt, difficulties in finding funding from banks could encourage them to drop their offer of a few hundred million. A possibility that PPR, well known for selling its subsidiaries, refuses to accept in advance. "I'm not going to sell off assets with a view short-term approach, says François-Henri Pinault.I have no debt, no big acquisition to do. "

In addition, PPR does not seem to need to sell Redcats to finance acquisitions of medium size. François-Henri Pinault has acknowledged that the group was discussing with the families of the Italian owners of ready-to-wear Brioni, officially on sale for many months. "Unfortunately, we are not alone," smiled the CEO, by refusing to specify whether it has filed a binding offer to sellers. Brioni, who directed last year a turnover of 117 million euros, is also of interest to other luxury groups and investment funds. The owners have so far taken their time. François-Henri Pinault, who wants to strengthen the pole on the PPR luxury segment of the jewelry available, however has refused to confirm his interest in Italian Pomellato.

"This is a world first, exclusive service and unprecedented," enthuses Jerome Yomtov, general secretary of Numericable. "We want to bring all the mobile services already on the box at home, at home or abroad called unlimited," he says. Over 100 countries are included in this offer, including most major destinations throughout Europe, the DOM, the United States, Canada, Asia.It is extended to calls to Morocco and Algeria for Numericable subscribers who have subscribed to the "Maghreb More" on the NCbox.

This new offering "world" not only to make calls to landlines abroad, but also to the Chinese mobile, U.S. and Canada. And supply expected to be enriched in the coming months. "You can call the U.S. since its unlimited mobile to 34.90 euros a month. United States, to call a mobile to mobile unlimited is $ 70. In short, it will be cheaper to call the U.S. from France, than to be there! "Said Jérôme Yomtov.

Numericable says the offer will be profitable.While the cost of communications decline in Europe and the world, he found a business model by negotiating agreements with major international operators such as Verizon, Telefonica, Cable and Wireless, Tata Communications.

One way to cut the grass under the feet of Free which means lower prices but also change the mobile uses. "This is the mobile revolution continues," trumpets for days on Numericable Tweeter … which led to his being sued by Free, which considers the term as its slogan identity. Atmosphere!

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Hours earlier, Obama had called the boss of the IMF, Christine Lagarde."President and CEO agreed on the need for policies that enhance growth and job creation in the short term, while ensuring the medium term fiscal consolidation," says the White House. This was the first conversation between Barack Obama and former French Minister. Speaking Saturday at Jackson Hole, before an audience of central bankers and academics, it presented the same message, but more square: "The developments this summer show that we are in a dangerous new phase. The stakes are clear: we risk derailing the recovery is fragile, "said Christine Lagarde. "The risk of recession than inflation risk," said she also, which is an important signal to the central banks launched the advanced countries payday lenders.The IMF encourages Europe and the U.S. not to cut too quickly spending. The IMF also advocates the pursuit of monetary policies very stimulating.

Bank recapitalizations

This approach is exactly the one advocated also by Ben Bernanke. In Jackson Hole, the Fed chief emphasized the need to tolerate short-term budget deficits abnormally high, if also a credible plan to reduce the medium to long term public debt was approved by Congress. But the Republicans believe that excessive public debt is responsible for the mess, do not want to delay the decline in public spending.

The recommendations of the IMF traditionally have little weight in the Capitol. However, Christine Lagarde made two other suggestions.Americans, it proposes new measures to encourage debt rescheduling estate homes suffocated by the continuing fall in house prices. And calls on Europeans an urgent and mandatory recapitalization of European banks, if necessary through public funds. Ideas difficult to accept the elected representatives of both sides of the Atlantic.

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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.