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 Ministry of Labour – that supports this section of the bill of UMP Jean-Luc Warsmann on the simplification of the law – has meanwhile another interpretation. "A decision of the Supreme Court provided that a modulation of working time resulting from an agreement with the unions needed to be implemented, the authorization of each employee, reported a near Xavier Bertrand.With this arrangement, such a collective agreement shall not affect the employment contract and may be applied without risk of blocking. "

At the CFDT, the bell sound is different. If the union does not have a problem on the philosophy of the article, it criticizes the wording and lack of precision. "The fact that a collective agreement on the organization of work does not change the contract of employment is rather in the right direction because it legitimizes the agreements with the unions, says Marcel Grignard, the Secretary-General fast payday loan no faxing. Would have had the law specifies the amplitude modulation acceptable.Acter even by collective agreement, a passage of 35 hours to 38 hours a week on the other has a different impact on the lives of employees that decide to make them work at night or the weekend. "

Night work is not affected

Argument dismissed out of hand by the government for that night work or Sunday is the subject of specific provisions in the Labour Code and is therefore outside the scope of the law Warsmann.

For the CFDT, the problem of this law to be voted on first reading Tuesday by deputies, is elsewhere. "It's a catch-all text contains hundreds of articles, and unions have been consulted on those relating to labor law, while many others have an impact on the lives of the employees' discontent Marcel Grignard.The parliamentarians have in fact since 2009 the requirement to seek their views on unions before any bill affecting only the Labour Code. But not on other areas of law.

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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The board of directors supports the offer of Dexia in Brussels, saying it is part of the "social interest" group. It also ensures that the 600 employees of the Dexia holding will be reclassified to the various subsidiaries promised a recovery.

Meanwhile, states have agreed on the allocation of guarantees to make to the future "bad bank" that remain after the dismantling or the defeasance structure to isolate the assets at risk. "States have agreed to divide this guarantee in proportions similar to those of 2008 (during the rescue of Dexia), 60.5% for Belgium, 36.5% for France and 3% for Luxembourg," said the Belgian government.

For its part, the French state must create a new bank dedicated to communities, both owned by the Postal Bank and the Deposit CDC. The Board of Directors has appointed Dexia director Pierre Mariani to conduct these negotiations. His copy to a detailed plan of recovery of the industry is expected "in the coming weeks."

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Many controllers SNCF had exercised their right to withdraw on Thursday afternoon to work after the announcement of the attack on a colleague on a train on the Corail Lyon-Strasbourg. In an interview with Figaro.fr, the president of the SNCF appealed to the coolness of the railway to resume work soon and would discuss with the unions to turn.Management has undertaken to present an emergency plan with the security services.

Traffic TGV, Corail and TER is still disrupted, although the situation has improved significantly over the entire network, including 8-9 in 10 TGV from and to Paris and a TER of 2. To find out if their train is running, users are encouraged to consult regularly Infolignes site, or call toll free (free from a landline) 0805 90 36 35 credit score.

Toll and information site

SNCF always invites customers to delay their trip or take alternate means of transportation. Ticket holders whose train was canceled may obtain a refund, or take any train leaving for the same destination without the need to exchange their ticket. Good news however for users Transilien (train network in the Île-de-France), the Thalys and Eurostar.Traffic on these lines is normal according to SNCF.

"There is no point in penalizing travelers"

The strike controller led Thursday the cancellation of all trains at night, and created a big mess all over the country. According to the station, all passengers stranded at the station in the evening were able to reach their destination or were assisted to find accommodation for the night. According to the Ministry of the Interior, it was not necessary to set up emergency housing plan.
Board trains at the Gare Saint-Charles in Marseille. Photo credits: GERARD JULIEN / AFP

Elsewhere in Europe, falling 2.03% London, Frankfurt and Madrid 2.54% 2.34% 1.75% and Milan.

Greece announced Sunday night that it would lack its budget deficit targets. The second Country Assistance Plan will be on the menu for more discussion this week: Monday, finance ministers of the euro area will meet in Luxembourg to 17 pm and Tuesday, those of the entire European Union.This will then be the turn of the Franco-German Nicolas Sarkozy said he expected to meet German Chancellor Angela Merkel "in the coming days in Germany" to discuss in particular "ways and means to accelerate economic integration the euro area ".

The private sector activity in the euro area at its lowest for 25 months

Also note, the new car registrations in France are divided down in September after the brief respite in August, returning to the trend observed since the disappearance of the scrapping, according to figures released Monday.They were down 1.4% unadjusted and 1.4% also comparable number of working days from September 2010 to 167,600 units, according to the Committee of French Automobile Manufacturers (CCFA).

The private sector activity contracted in September in the euro area, the PMI purchasing managers' standing at 48.5 points against 50.7 in August, according to a second estimate released Monday. This is the index the lowest in 25 months, Markit said the company, which publishes the index.

In this context, oil prices have opened lower. A barrel of "light sweet crude" for November delivery lost 50 cents to 78.70 dollars in early electronic trading.A barrel of Brent North Sea crude for November delivery gave up 77 cents to 101.99 dollars.

As for currencies, the euro lost ground and is worth 1.3315 dollars and 102.6 yen, against more than 104 yen in the middle of last week.

Dexia degraded by Moody's

The title of the Franco-Belgian bank collapsed Monday in the Paris Stock Exchange, after rating agency Moody's Investors Service had threatened to lower its rating, because of fears about its liquidity personal loan for poor credit. In early trading, the value lost 11.54% to 1.28 euro, after being briefly suspended for dropping too fast to open.Halfway through it limited its losses slightly receding 8.78% to 1.32 euros.

In the wake of Dexia, BNP Paribas let go just under 6% in mid-session, Credit Agricole and Societe Generale 4.9% near 6.5%.

AXA (-4.14% to 9.49 euros)

The first offers for Axa Privaty Equity (AXA PE), the division of equity sold by Axa, must be filed early next week, according to sources familiar with the matter.

Renault (-2.67% to 24.40 euros)

The group announced Saturday the construction of a new plant in Brazil and the expansion of another existing site to boost its presence in the fourth global automotive market.

France Telecom (-2.24% to 12.02 euros)

European Commissioner Neelie Kroes digital strategy is expected to announce on Monday that the EU wants to reduce the revenue that incumbents derive copper telecommunications networks to boost investment in fiber optics.

Air France-KLM (-3.28% to 5.36 euros)

Alexander Juniac could take the management of Air France in January in favor of a reorganization of the Air France KLM with Pierre-Henri Gourgeon retain the reins, according to La Tribune published on Monday.

Steria (-3.96% to 12.14 euros)

The computer services company was awarded a public contract with the French Ministry of Budget, Public Accounts, the Civil Service and State Reform, to ensure the implementation of the Information System (HRIS) to several departments that will ultimately pay more than 3 million employees of state.

Hermes (-4.23% to 216.30 euros)

The group currently finds no sign of spending restraint to its customers despite a darkening economic outlook, said Sunday the manager of the French luxury group on the fringes of Paris Fashion Week.

Carmat (18.20% to 102.82 euros)

The designer of the total artificial heart on Monday announced that preclinical data will be presented at the 25th Annual Congress of the European Association for Cardiothoracic Surgery in Lisbon on October 4.

Monday, Wall Street had already finished in the green.

Since the beginning of the week, investors in Europe and the United States, is won over by a wave of optimism about the outcome of the crisis of sovereign debt. "The beginning of the week is placed under the sign of hope. Investors have decided to give credit to European policy makers and international willingness to find ways to resolve the sovereign debt crisis, "economists observe in Paris broker Aurel BGC. There are "high hopes that one is engaged in the right direction towards resolving the debt crisis in Europe," say experts on their side LBBW. Other analysts, however, want to caution.The strategists of the Crédit Mutuel-CIC believe that "the improvement should not last as rumors seem exaggerated. The expansion of EFSF does not solve the structural problems in Europe, while the challenge is there. "

The spokesperson of European Commissioner for Economic Affairs Olli Rehn, Europe is considering strengthening the capacity of the European support fund for countries in trouble (EFSF). Rumors press also reported a proposed quadrupling of the Fund's lending capacity to 2000 billion euros. In turn, an official of the ECB, the Austrian Ewald Nowotny, did not rule out declines in interest rates in the euro area.But soon, the German Finance Minister Wolfgang Schäuble assured that Europeans had "no intention of bailing out" the EFSF.

Political leaders are still clearly divided on the responses to the debt crisis, while discussions on the payment of a new international loan to Greece, vital to enable it to avoid bankruptcy dragged on. At the same time discontent rises and Athens was again paralyzed Tuesday by a wave of strikes in public transport.

Oil opened up in New York

The euro was weakening on Tuesday to below $ 1.35. Mileu in the day, the euro stood at 1.3496 dollars, against 1.3523 dollars late Monday.He had fallen in session Monday to 1.3363 dollars, its lowest level since mid-January, prior to recover.

As for commodities, gold has recovered slightly this morning at 1640 dollars an ounce after declining over the last three sessions. Oil falls sharply higher this morning in Asian trade after having dropped more than eight dollars last week. Oil prices were moving up sharply at the opening Tuesday in New York, driven by renewed optimism for the determination of the Europeans to resolve the debt crisis in the eurozone business cards design.On the New York Mercantile Exchange (Nymex), a barrel of "light sweet crude" for November delivery traded at 82.64 dollars, up by $ 2.40 at the close on Monday night.

On the macroeconomic front, house prices in the United States remained stable in July compared with June, according to Case-Shiller survey released Tuesday by Standard and Poor's. The study, however, that over-year, declining home prices for sale widened in July to 4.1%, down less pronounced than the analysts thought.

As for values ​​to be followed on Tuesday:

As for values, Goldman Sachs will intensify its restructuring efforts, after a disastrous third quarter, which could be one of the worst ever recorded by the U.S. investment bank since it went public 12 years ago, says the New York Times.Goldman Sachs will be 1.2 billion to $ 1.45 billion savings goal of operation by mid-2012, the paper said on its website, citing unnamed people familiar with the matter.

The mysterious tablet that the online retailer Amazon.com Wednesday could present promises to be a star among the products' high-tech "of the season, even though the Seattle group has not yet revealed existence.Amazon Wednesday invited reporters to an event which he kept secret the subject, organized in a video production and music in Hell's Kitchen neighborhood of Manhattan.

Motorola Solutions is within the scope of an investigation by U.S. authorities, according to the Wall Street Journal, concerning a possible corruption in the course of its business in Europe.

The Anglo-Australian mining giant Rio Tinto, listed on Wall Street, announced Tuesday it had increased to 49% its stake in Canada's Ivanhoe Mines, the upper limit is included in an agreement between the two groups that intend to operate an entire mine copper and gold in Mongolia.

ONEOK announced expect to achieve a net profit of between 355 and 400 million in 2012, against 325 to 345,000,000 dollars in 2011.For its part, ONEOK Partners expects a net 740 to $ 800 million for the year 2012 against 630 to 660,000,000 for the year 2011, while natural gas volumes processed are expected to increase more than expected.

Also note, Standard & Poor's is within the scope of an investigation by the SEC, the U.S. stock market regulator, who questioned its rating of an issue of structured securities in 2007 just before the market collapse real estate, announced its parent company McGraw-Hill.

Already cleared of toddlers, women will finally be totally alone to shop. Only problem: after half an hour of bliss, a buzzer reminds the ladies half their existence, if they would have already forgotten. Mr. Mrs. So join to challenge his choice of linens, glass and lighting … and why not to pay at checkout.

No planned deployment in France

This solution to rally the spouses who shun Ikea citing another "Stockholm Syndrome" (birthplace of the group) is currently an isolated initiative. The operation took place over four days on the occasion of Father's Day in Australia. "A deployment of this kind of space for men is not in French stores," says Are there Ikea France. The French will have to still support their husbands and vice versa!

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Reuters indicates that other French banks have also started negotiations with Qatar for an investment of this type. BNP Paribas and Societe Generale declined to comment this information, the Elysee either. "BNP Paribas leads naturally as road shows each year to present the company and promote its work with investors around the world," said a Reuters spokesman for BNP Paribas.

According to the Financial Times, BNP Paribas might seek to raise up to EUR 2 billion from investors from Qatar and Abu Dhabi. One hypothesis, however, largely rejected by the executive director of the bank, Baudouin Prot. In an interview Thursday with the Echos, the manager believes that, for now, his group is properly capitalized. If necessary, the banker said preferred a strategy based on "a dual effort to set aside profits and reducing the size of the balance sheet" of the bank, rather than a capital increase.

And to convince the good health of his group, the leader said that BNP Paribas "announced one of the best half-year profits in its history, and works quite normally in the collection of savings and loan before adding that the bank is working normally. "Baudoin Prot said BNP Paribas' knows no other difficulty than its share price. "

The official regretted that "today, the concern of investors on the euro area and the problems of sovereign debt are that markets do not really take into account the information we give them." It must be said that the bill for the debt crisis is not insignificant for European banks. According to the IMF, they could potentially lose $ 200 billion. An amount that "does not constitute an estimate of additional capital requirements of banks," moderates the Fund.

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