It is financed recapitalization to the tune of 160 million euros provided by the station, its parent company, and a loan of 99.9 million euros was also granted by the SNCF "market conditions" as Ministry of Transport, at the forefront of negotiations with the Commission.

Three candidates for the recovery

On 19 October, Brussels decided to give a stay of several days the French government for an independent investor that is able to replace the station to inject 100 million euros.This loan is indeed the point of blocking the bailout.

Allocated by the SNCF, it is similar to State aid. But the Ministry of Transport, we do not believe in miracles. "In the current situation, no bank is willing to release 100 million euros to support SeaFrance," says a close case.

Tuesday, it was the turn of the Commercial Court of Paris to decide: the liquidation or takeover by one of three candidates. In addition to a mystery buyer, called "Being Bang," Louis Dreyfus Armateurs is associated with the Danish DFDS in a consortium. Another offers more unusual is in the running. This is a cooperative production (Scop) carried by the CFDT.

512 employees have already raised a finger to enter the capital of the SCOP which will take back almost all of the employees but is seeking another 20 to 25 million euros.SeaFrance has 880 employees.

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"Brussels gives time for France to save SeaFrance

Regarding the French part, the financial terms of the transaction is blocked. The company refinancing of loans to local authorities, Dexia Municipal Agency (Dexma), 65% will be taken by the CDC, 30% by Dexia and 5% by La Banque Postale (LBP).

Six weeks after the start of negotiations, all is not settled. It remains to define a framework for partnership in the business side.Now, the production of loans to communities will take place through a new bank, majority owned by LBP associated with the CDC. At the request of Philippe Wahl, chief executive of the subsidiary of La Poste, Dexia is not associated to thoroughly immunize the future against the troubles of the past. A real humiliation for the group and a cause for concern. "Uncertainties remain about the new role of Dexia Credit Local and a possible transfer of activities from DCL (the new location)," the CFDT warned Tuesday, recalling that the former Crédit local de France employs 1340 employees.The unions have asked to meet Dexia Baroin, the Minister of Finance.

Risk of breakdown of funding

Several hundred people being responsible for monitoring the loans and Dexma residual portfolio management, the debate is about the teams likely to be transferred to the new bank. "La Banque Postale does ensure that some of the activities undertaken by DCL, eg excluding short-term funding, social housing or health," warns one close to Dexia. Already some experts warn against the fact that local authorities will find themselves running out of funds. While production of Dexia – 3 billion euros this year – was already insufficient, the new bank plans to ramp up gradually. "It's open. If it is possible to produce more profitable loans, we will do, "cautions one close to the negotiations.

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Small flat, struggling to win these investments from individuals.Institutional clients (pension and insurance plans, public pension funds, private insurance companies, mutual companies, etc..) Still accounted for 70% of SRI assets in late 2010. A study conducted by Ipsos agency for non-financial rating Eiris * 60% of French investors, however, now give prominence to environmental, social and ethical issues in their investment decisions. But 64% of respondents have never heard of SRI, and only 9% are on the page.

Latent demand unsatisfied

"There is a latent demand unmet in a number of individual investors now significant," says Marion de Marcillac, responsible for developing the French office of EIRIS.This view is shared Bertrand Fournier, president of the Forum for Responsible Investment (FIR): "The offer is not visible and distribution networks do not talk about SRI." For Nathalie Kosciusko-Morizet, Minister Ecology and Sustainable Development, however, the context is conducive to flight. "SRI is probably an answer to the financial and banking crisis we are experiencing," said the minister during the presentation of the study, on October 6. "Reconnect citizens with finance is a vast undertaking, which requires industrial issues to reconnect with the financial issues and give concrete meaning to financial products," she said.

Therefore Nathalie Kosciusko-Morizet calls to market players, foremost among banks and insurers, to commit themselves to "promote a responsible offer of financial investments."She stressed the need to provide transparent information to individuals, especially as the multiplicity of approaches to SRI in Europe scrambles some tracks. In France, the multi-criteria approach called "Best in Class" prevails. This is to select the best companies in each sector according to the famous ESG. Anglo-Saxons and Scandinavians, in turn, prefer a strategy of exclusion. In this case, certain industries such as armaments or tobacco, are simply discarded SRI funds.

The French approach in question

According to EIRIS survey, 36% of French investors said they were very tempted by an approach that would exclude certain companies because of the nature of their activities or practices such as child labor. Only 19% of respondents say they are, however, very tempted by the method of "Best in Class".Nathalie Kosciusko-Morizet, "no subject is taboo. The 'Week of SRI' * is an opportunity to initiate discussions, particularly on the definition of criteria for responsible investing. "

* Survey conducted among a sample of 1040 French adults aged 16-64 years from 16 to 19 September 2011.

* The second edition of the "Week of the Socially Responsible Investment" will run from October 10 to 16, under the Ministry of Ecology and Sustainable Development.

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Dubbed the "rule Buffett," this tax is in terms of reducing the budget deficit that the U.S. president must explain to Congress Monday.Its goal? Ensure that the wealthiest taxpayers pay at least as much taxes as middle-class homes. This is not the case, as pointed out by Warren Buffett this summer, because of certain provisions of the Tax Code.

1200 billion dollars in savings to find

Thus, capital income such as dividends or interest earned by the fund managers are taxed at 15%, while labor incomes are between 10 to 35%. "While the poorer classes and middle classes are fighting for us in Afghanistan, while most Americans struggle to make ends meet month we mega-wealthy continue to benefit from special tax exemptions," wrote Warren Buffett in an article published last month in The New York Times.

This tax should allow Barack Obama to approach a little more of his electoral base of the Democratic Party criticized him his "gifts" to tax the wealthiest people. The Republican majority in the House of Representatives have already announced that he would vote no tax increase.

While the United States must find 1.2 trillion dollars in savings by the end of the year, Barack Obama warned on Saturday the Americans that they would provide "pull their weight" to reduce the budget deficit. And pressed again, the Congress, including Republicans, to adopt his plan for the use of 447 billion dollars. "More games or impasses. More division or delay, "he said during his weekly radio address.

For many members of the Finance Committee, the government was wrong to brutally suppress the abatement system. "This chopper's austerity plan is absurd, asserts the centrist MP Charles de Courson. It will freeze sales. Transfer taxes, which are sitting on real estate transactions and represent a significant tax revenue departments and municipalities, will collapse. "The deputy also fears an increase in under-the-table, in order to limit the most capital gain to report.Many also fear a destabilization of the market for rental investment.

Members of the Finance Committee, under the aegis of their rapporteur UMP Gilles Carrez, have decided to table an amendment that will restore an allowance of 5% per year after five years free online credit report. What can a total exemption from capital gains tax at the end of twenty-five years. They also want to refer to 1 December 2011 or January 1, 2012 implementation of this measure.

But there's a catch: Bercy awaiting the removal of allowances 200 million savings in 2011 and 2.2 billion in 2012. The restoration of a 5% reduction would cost 900 million full year. Aware of the need to preserve public finances, Gilles Carrez proposes to increase the tax on patents."This is a measure anticompétitivité," retorted Bercy where people still say "open to discussion as long as the deficit does not widen."

A gesture is expected

Reportedly, the Budget Ministry is prepared to make a move on entry into force of the measure on second homes (which could be a little delayed) and would eventually restore a favorable tax abatement in the time, based on a total exemption from taxation of capital gains after thirty years rather than twenty-five as proposed by Gilles Carrez. Between last-minute negotiations and uncertainties on the position of Members who are not part of the Finance Committee, voting in the National Assembly is uncertain. Not to mention that it could be unraveled in the Senate."No decision of economics can not be accepted in the general joy," says Philippe Marini, the UMP rapporteur of the Committee on Finance of the High Assembly, which considers the extent of the government "justified".

"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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"Unlimited calls to less than 25 euros in Numericable

Is credible but not to frighten. It was a difficult equation that would solve the government well aware that he must adapt its economic forecasts for 2011 and 2012, now too optimistic. The air hole world of activity in the spring, the debt crisis of July Greek and diving markets in August have persuaded it would be impossible to achieve 2% growth this years and 2.25% next year born, as previously envisaged.

"It would be irresponsible to ignore the current situation," hammered François Fillon. The government wanted to be as realistic as possible. He expects GDP growth of 1.75% in 2011, "because it takes even more cautious for next year," 1.75% also in 2012.

The deficit to 4.5% in 2012

These new figures are in line with what experts expect. Few saw growth reach the 2% this year. Even fewer were those who planned the event feasible for 2012. For next year, the forecasts of economists from banks for the time range from 1% to 2%. The Consensus Forecasts, which synthesizes a fortnight believes, anticipates 1.7%.

That market pressure, which monitor the slightest faux pas of public finances, and this downward revision of growth that led the government to provide additional savings efforts, without waiting for the presentation of the bill Finance for 2012 in late September.

The austerity measures – the government refuses to call "rigor" – will lead an effort to one billion euros this year and above 11 billion euros in 2012.This amount will break down next year, 10 billion in additional revenue and $ 1 billion of savings on expenditure. Not to mention spending another billion set aside to "deal with any contingency."

All this should enable France to reduce its public deficit of 5.7% of GDP in 2011 to 4.5% in 2012 – a final goal "a little more ambitious" than was expected previously. Enough to hold the European commitments and keep the famous "AAA" rating that allows the country to finance its debt with low interest rates.

"We are taking steps that do not break the growth (…) and strengthen the tax and social justice," said the Prime Minister.One of the most emblematic devices decided Wednesday by François Fillon and Nicolas Sarkozy is to tax the very high incomes so "exceptional" – to return to 3% deficit, is in principle in 2013.

But it will also count with a new movement of the plane 10% tax loopholes, increasing tobacco prices, higher taxes on savings and real estate gains, lower exemptions from employer contributions on overtime or a plan amendment to postpone the income tax (see below). The French now know what to expect …

No major statistical date to worry about Wall Street, while European markets are more focused since Monday morning. As for U.S. data, only the index of manufacturing activity in the Chicago Fed was on the agenda. Stood at -0.06 in July, against -0.38 in June. "The index shows no tendency to a looming recession, observes Philippe Waechter, director of economic research at Natixis AM.However, other surveys conducted in August are troubling. "

But it will wait until Tuesday to learn more, with the publication of sales figures for new homes, from 16 hours. Wednesday, the agenda will grow a bit, with durable goods orders for July and the weekly inventory of crude oil to the United States.Thursday, things become more serious with the weekly jobless claims, always eagerly awaited by investors on the lookout for any sign of weakness, or, conversely, improvement in U.S. growth.

Threats to U.S. growth

But the appointment will most certainly expected the intervention, Friday, Ben Bernanke, chairman of the Federal Reserve (Fed), some investors are hoping a third easing able to restart the engine stopped the world's largest economy.This day will be both detailed, the second estimate of U.S. gross domestic product for the second quarter, and the index of consumer confidence for August.

Markets, even if they are experiencing very high volatility, and may still show, at the same time, some caution, pending the decision of the Fed on Friday. Especially as the threats to the outlook for U.S. growth accumulates. After Morgan Stanley and Citigroup, JP Morgan Chase lowered its estimates, in turn, growth in the U.S. economy. The Bank of New York discusses risk "clearly raised" a recession, while growth prospects for the third quarter are for their slightly smaller than before pay day loans.The U.S. GDP growth for the fourth calendar quarter is now expected at a rate of 1%, against 2.5% previously.

Vice President Joe Biden, on an official visit to China, but probably a little appeased the spirits, reaffirming this weekend at the first creditors of the country they could rely on the strength of the U.S. Treasury.

Values ​​to follow

The uncertainty is compounded room at the international level, by the events in Libya. The fall of Colonel Qaddafi, found, became clearer Monday morning, prompting oil companies to return to the values ​​of the colors. However, perhaps more in Europe than the United States. Although they are not active in Libya, Chevron (1.79% to 94.95 dollars) and ExxonMobil (1.66% to 70.96 dollars) respond positively to the opening, rising oil prices in New York.

On the corporate side, the internet telephony group Skype also announced Sunday an agreement to acquire Me Group, a provider of mobile messaging services to targeted groups. Registered in Luxembourg, the company Skype was founded in 2003 and became the world leader in Internet telephony. She is currently being acquired by Microsoft U.S. computer group (0.89% to 24.20 dollars).

Apple (1.22% to 360.58 dollars) takes advantage of the rumors about the implementation of its pre-production soon iPad 3 October.The Wall Street Journal says in effect this morning as the group prepares its suppliers with the necessary logistics, to produce 1.5 million units in the fourth quarter.

In addition, Dollar Thrifty Group Antomotive asked Hertz rental companies (1.03% to 9.81 dollars) and Avis Budget (2.50% to 11.92 dollars) in early October to submit their final proposals on reconciliation activities.

Verizon (1.15% to 35.11 dollars) on his side ended a social movement and Hewlett-Packard takes up 6.34% to 25.12 dollars after losing 20% ​​of its stock value at the end of last week. He took advantage of presenting a new model of high-end PC, after announcing Thursday the sale of its computer manufacturing.

Markets reacted to a volley of announcements of mergers and acquisitions. First, Google (-1.16% to 557.23 dollars) has announced the acquisition of the mobile phone manufacturer Motorola Mobility (55.78% to 38.12 dollars) to $ 12.5 billion in cash.Time Warner (-0.81% to 64.98 dollars), meanwhile, reached an agreement to buy the cable operator Insight Communications to Carlyle for $ 3 billion. Finally, Cargill will acquire the French specialist in animal feed Provimi to 1.5 billion euros.

As in Europe, investors are upbeat on the eve of an important meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel on the reform of the governance of the euro area. They should discuss ways to implement to prevent contagion problems of sovereign debt to the rest of the region.

But Germany has already warned investors: this meeting will lead to "nothing spectacular"."It will be a working meeting on the governance of the euro area in line with European decisions taken in late July," said the spokesman of the Ministry of Finance. The latter also confirmed the skepticism German, joined by France, in respect of Eurobonds. These ads have already resulted in demoralizing the European investors.

In Asia, the announcement of a contraction much weaker than expected Japanese GDP has also reassured the markets.

Morale builders stable

The statistics published on Monday in the U.S. are, however, bleak. Manufacturing activity in the New York area declined for the third consecutive month at -7.7, 3.9 points lower than in July.

In real estate, the NAHB index released on Monday shows that the morale of the manufacturers was unchanged in August, close to its lowest historical levels.

Note that the currency market, the euro strengthened against the greenback at 1.444 dollar. Oil markets, oil prices closed up in New York. A barrel of "light sweet crude" for September delivery was trading at 87.88 dollars, up 2.50 dollar. Prices had fallen during the European trading, erasing their gains made in Asian trade in a market nervous and still haunted by persistent concerns about global growth and the debt crisis in the eurozone.A barrel of Brent North Sea crude for September delivery was trading at 107.56 dollars on the Intercontinental Exchange (ICE) in London, down 47 cents from Friday's close.

Google swallows Motorola Mobility

On the corporate side, Bank of America (7.93% to 7.76 dollars) has announced the sale of its activities in the international credit cards in Britain, Ireland or Canada.

The food distributor Sysco (-3.93% to 28.11 dollars) announced earnings per share (EPS), diluted to 57 cents under its fourth quarter, diluted EPS of $ 1.96 for all of its financial year, while its quarterly sales reached $ 10.4 billion.

Estee Lauder fell 6.64% to 94.15 dollars.Despite the publication of a net income group share record of $ 700.8 million, up 46.5%, the cosmetics group announced its annual results would be below Wall Street expectations.

Lowe (0.82% to 19.58 dollars) has already reported sales below expectations in the second quarter of its fiscal year and lowered its annual targets for the second time in three months, consumers pushing their development projects until later because of sluggish growth.

Boeing (1.54% to 62.70 dollars) announced it had completed with Air Lease Corp. an order valued at $ 2.5 billion on 14 737-800 aircraft and five 777-300ER.

Pfizer (2.69% to 18.34 dollars) announced Monday it had won before a U.S. court case against Teva Pharmaceutical Industries of Israel, preventing the global generics to produce a copy of Viagra before 2019 .

Transocean (2.97% to 57.26 dollars), listed in New York, wants to buy the Norwegian group Aker Drilling, for a total of 1.1 billion Swiss francs (1 billion), according to a statement Monday. Several large shareholders, representing 65% of the capital, have agreed to the deal, said the Swiss.

The American specialist craft materials Grainger (2.01% to 138.57 dollars) on Monday announced the acquisition of the Dutch distributor of fasteners Fabory Group for $ 344 million (242 million).

Ubisoft and BNP Paribas initiated this spontaneous phenomenon in "confronting" of both sides of the Rue de Valmy, in Montreuil.Word of mouth and the summer did the rest, spreading the game beyond the town of Seine-Saint Denis, first in defense and in Issy-les-Moulineaux, Paris Intramuros, a province … increasing number of employees swelled from the ranks because of this battle informally, in large companies storefront as in smaller SMEs.

"Good child"

But despite the time spent on this activity unprofitable, the phenomenon raises the overall membership of business leaders. "My boss is OK to be launched into the post-it war," said an employee of Twitter. "It's friendly, pleasant, and it strengthens the team spirit," one responds well to Société Générale, challengée recent weeks by employees of Merck and GDF Suez of Defense.

In the middle of summer, human resources are rather favorably employees gather around a fun activity, like a sports tournament. "Our managers like to see that they pose challenges challengent and other businesses payday loans no teletrack. Especially since all this takes place in a friendly atmosphere. Our employees have recently met the other side at a picnic, "says one at Merck, where a dozen people involved in the movement of 350, mostly among biomedical research teams.

"Phenomenon minority"

An observation shared by a fortiori Ubisoft. The video game maker has indeed little to lose in seeing a phenomenon that is spreading the culture of gaming to the front of the stage. "Internally, I see most of the teams that are boosted, a theme which is our corporate culture.We have not even thought of regulation, "said Caline Christophorov, management of human resources. One hundred employees of Ubisoft are currently involved in open warfare against the computer at BNP Paribas. Ironically, the conflict extends from the last week in the other building Ubisoft Montreuil, opposite … from BNP Paribas.

This vector cohesion is all the more welcome by the human resources are concerned ultimately little to the productivity of their employees. In addition to these "post-it war" are growing at a time when the activity is less intense, companies stress that participants are often few, and responsible. "We trust our employees to not intrude too much on work," said Caline Christophorov. "This remains a minority phenomenon among us," does one judge also Renault, known somewhat lax.And the builder continued: "People still have the right to breathe for a second, right?"