International News

Airlines in the world play the shows. While the carbon tax was introduced on 1 January by the European Union in respect of all airlines that fly over the European area, the latter will be forced to carry them out in spring 2013. Time for States to shout out loud that "their" companies will not pay. India, Russia, China … a total of 26 members, not least, on 36 of the Aviation Organisation (ICAO) are resisting. In the U.S., the House of Representatives voted late last year to ban text to American companies to pay.

Like China, reiterated yesterday that his refusal to comply with European legislation, most Member States of ICAO criticize legislation "regional" which will result in new financial burdens. The system of emissions trading scheme set up by the Union provides that companies normally open in the coming weeks "Account" with their national administration of civil aviation and implement a system to measure their CO2 emissions.

Doubly penalized

In March 2013, then they should pay the amount corresponding to 15% of 2012 emissions by the amount per tonne of CO2. And China has calculated that his companies would have to pay 97 million euros for 2012 and four times in 2020. In total, the measure would cost € 705 million to companies in the world, still under 2012.

Penalties set by the Commision are of two types: a fine of 100 euros per tonne of CO2 emissions and, even more dissuasive, the flight ban in the European Union. But, meanwhile, out states may also set up an arsenal of retaliation. It may include trade measures in respect of Airbus, the European aircraft manufacturer, whose best customers are called China Southern, China Eastern and Air China but also India Indigo Air Asia or Malaysia.

Leaders of European companies fear they will be doubly penalized. First, because they are inherently more vulnerable to European tax. On the other hand, because they also fear being victims of these countries slingers. "These states may ask us to pay a landing fee that would offset the amount that our competitors outside Europe have to pay when coming home," is concerned officer of a company of the Old Continent. The European Commissioner for Climate Connie Hedegaard judge it just increase the ticket prices a few dollars to offset it. An argument inaudible at times of crisis.

However, companies seem to rely on the slow pace of international decisions for a relaxation of regulations occurring before the first deadline for payment of this tax, in principle the first quarter of 2013.

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"The airlines are going green

• "Fear is back"

President Nicolas Sarkozy said Thursday in Toulon that "fear has returned," that "for France to lose control of his destiny" in the crisis of the euro area. The Head of State spoke of "this fear that destroys trust" and "that paralyzes consumers, which prevents the investor to invest, the contractor undertaking the boss to hire the banker to lend" , ensuring that "the only way of averting this fear is to tell the truth."

• A cycle of debt

Nicolas Sarkozy announced a "new cycle", that of "deleveraging, which will bring the balance of the economy to work and production that developed countries have tended to sacrifice too."

Sudden weakness of the single currency. The meeting between Nicolas Sarkozy, German Chancellor Angela Merkel and the new Italian Prime Mario Monti yesterday in Strasbourg has not convinced the markets. Shortly after their meeting, the euro fell against the dollar: it fell from 1.338 before the dollar to 1.332 dollar tripartite summit after the conference. And the single currency falling off again this morning it is trading at 1.3309 against the dollar, its lowest level since Oct. 6.

Same movement in the markets. European shares erased their gains shortly after the summit and the moral is not looking good this morning in Asia. In addition, the cost of borrowing countries in the euro area rose: Italian rate to 10 years treated with 7.1%, a level considered unsustainable in the long term for highly indebted countries.

The ears of Michel Barnier, European Commissioner – French – in charge of Financial Services, had whistled Thursday morning. Jean-Pierre Jouyet, the president of the Financial Markets Authority (AMF), which held its annual interviews, did not mince words in criticizing his proposed reform of the financial markets in Europe. "The responses of this text do not match" issues, said Jean-Pierre Jouyet who fears that "to continue the movement toward more opaque."

The European Union last month presented a draft revision of MiFID came into force in 2007, which led to a proliferation of trading platforms, which make more complex markets work and the work of monitoring their police.Today, "it replays the same scene!" Complained Jean-Pierre Jouyet.

The tackle of the President of the MFA vis-à-vis Brussels has earned strong support from representatives of the Paris present yesterday morning, as Mestrallet (GDF Suez CEO and president of Europlace), Dominique Cerutti ( Nyse Euronext number two) but Ramon Fernandez, director of the Treasury. But on this subject as on others, the good alignment between gendarmes and police positions in finance in France lack relay abroad. But "it is here that we must share our ideas," Ramon Fernandez fell Thursday. "It's the G20 that plays the game."

Credit Risk

Global or European scale, several parties have just recently lost by France. The recapitalization of the banks decided at the Brussels summit of 27 October had not favored by Paris.

McDonald's could have done this new scandal. Committed for 10 years in a campaign to improve its image and to defend the quality of its products, the giant U.S. fast food undergoes further attacks of his detractors. At issue this time, the treatment of chickens by a subcontractor of the group providing the eggs used in the preparation of McDonald's products. The title of the video is unequivocal: "McDonald's, the truth rotten egg McMuffin"

Made with a hidden camera and broadcast for the first time Friday on ABC, the video was shot by Mercy for Animals Association (Pity for animals) in a poultry farm in Minnesota "Sparbo Egg Farms" .

Oil flirts with $ 100 a barrel. But it could climb higher, it is in any case the feeling of the experts of Edmond de Rothschild Asset Management which assumes about $ 120 a barrel next year.

The return of the production of Libya on the market faster than expected: it reached about 700,000 barrels per day (against 1.6 million before the crisis in the country), "a figure that was thought best to reach the end of years, "said Edmond de Rothschild Asset Management. The country should, in this study, return to its previous capacity until mid-2012. Meanwhile, production of mature countries such as Norway, Mexico and the United Kingdom declined. And falling stocks including the United States.

"Countries like Saudi Arabia require that the price of oil is at a relatively high (above 90 dollars per barrel) in order to balance their budgets," said the study payday loans.OPEC therefore intervene in the case of lower prices. A scenario that does not, however, resist a global recession.

A further increase of gold expected

Among commodities, gold has also been rising by several asset managers. Edmond de Rothschild Asset Management believes that in a context of very low interest rates, the market should remain strong.

The Swiss Bank Wegelin, too, advises his clients to hold physical gold, not least because it considers the euro, the yen and the dollar overvalued. "When all the current problems are resolved, then it will be time to get out of gold" summarizes Magne Y. Orglandes, managing partner of the Swiss bank.

In the third quarter, gold demand has also increased by 6% according to statistics from World Gold Council, reaching a record $ 57.7 billion (42.7 billion euros).

Card for Teens, Young booklet, ready to license one euro a day, student savings, credit card and battery removal on the Internet for children of 12 years, life insurance Special darlings …. Having invested heavily to the youth market, banks raise one last taboo by attacking 6-10 years.

It's Societe Generale, which sets the tone by launching the first website dedicated to financial education for children. A large reinforcements of advertising campaigns, which involved Gourmaud Jamy, is television youth with his "It's not rocket science" on France 3, the banking group has the smallest raise money, investors and underwriters in the making of contracts ."Because tomorrow is getting ready today," argues there be building on this "living tool that will grow with the children."

Informational and edutainment, abcbanque.fr offers editorial content, interactive videos, games for the value of things and a management tool pocket money. With a username and a password, the child can manage their virtual piggy bank and establish its projects from its budget, as calculated the cost of a gift for his parents.

"Succeeding in later life financial"

"Birthday, Christmas, little mouse … even for the smallest, there are many opportunities to fill their piggy banks.

In June 2001, less than a year before the presidential election of 2002, left and right united voted in favor of a major fiscal reform, that of the organic law on public finance laws (LOLF). This text made more transparent accounts of the state. Driven by Didier Migaud at the time of the general rapporteur Socialist Finance Committee of the Assembly, and Alain Lambert, President of the same centrist Committee in the Senate, the reform has been a consensus.

Such a consensus is lacking today to the golden rule, the constitutional reform that would lead to a zero deficit.Yet it is, as LOLF, only to reform "technical", which does not tend to lead policy (tax increases or spending cuts) to balance the books saving account payday loan.

In addition, France is now bound by a commitment: EU leaders decided to adopt in their country a golden rule by the end of 2012. At a conference held for ten years LOLF Thursday, François Fillon regretted blocking the left. "In the deep crisis in particular the euro area, (the Golden Rule, Ed) is an extremely strong sign of the will of all political forces of our country to achieve the goal of zero deficit" he said.

With LOLF, France produced a decade of budget information better. Previously, Parliament voted the new spending next year. It is no longer the case since the draft budget for 2006.

Financial markets remain grounded arms vis-à-vis Italy. The announcement of the imminent resignation of Silvio Berlusconi yesterday was greeted with great relief on all European markets. It allows to hope for the establishment of a government more able to put public finances in Italy.

Analysts saw in recent weeks that the Italian bond market suffered from a premium of distrust Berlusconi estimated at 100 basis points (1 percentage point) on the rates of government bonds to 10 years. Not surprisingly, the announcement of his impending departure should have been welcomed by a substantial amount of rates.

China, U.S., Brazil, Japan … For two days in Cannes, the speech was unanimous: "Saving the euro to save us from ourselves." On the way to do this, however, and on the money to gamble, there are still far from the cup and the lip.

Twisted smile politely explaining the Japanese representative "wait for clarification techniques on European political situation," sharp statement of the President of Brazil, Dilma Rousseff, which "does not intend to contribute directly to the European financial stability while European refrain "… As summarized brutally German Chancellor Angela Merkel," there is hardly anyone in the G20 to invest in the European financial stability "-the EFSF, which is used to avoid spread of the debt crisis to other countries, after Greece.

After a G20 parasitized by this crisis of European sovereign debt, the French presidency has nevertheless saved the point. The twenty richest countries have agreed to "boost growth, create jobs and ensure financial stability." An important phrase in the context of global economic slowdown the temptation of protectionism and isolationism is very strong. But unlike the summits in London and Pittsburg, in 2008 and 2009, no figures dramatically to install confidence and restart the machine. Fiscal imbalances of the major developed countries prevent it.

"A successful but more work"

Paris has nonetheless achieved significant progress in convincing every country to take action at his level to stimulate its economy.