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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• "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."

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.

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.

The New York indexes, which were due up, opened in the red, sealed by the doubts that have entered the European markets at mid-session. The German Minister of Economics Wolfgang Schäuble has indeed warned that the EU summit to be held in Brussels Sunday will not lead to a definitive solution to the debt crisis.

This weekend, the European central bankers have expressed their determination to end the debt crisis at the G20 Finance in Paris. The Europeans have promised to respond "comprehensive and lasting peace" to the debt crisis."Advanced countries will adopt, taking into account their respective national circumstances, policies to strengthen the confidence and support growth and implement measures clear, credible and targeted to rebalance public finances" stressed the finance ministers in their statement. Specifically, they promise to make a decision at the European Summit of October 23, described as "decisive" on Saturday by Minister of Economy Baroin. Attempted to reassure the ECB President Jean-Claude Trichet said the euro was "not threatened", but called on all Europeans to be "extra vigilant" with regard to public finances.

In the same tone, Christine Lagarde, has also shown confidence in the capabilities International Monetary Fund (IMF) to come and play firefighters, as appropriate, to countries in difficulty.In Europe a microphone, the director of the institution determined that its resources were "appropriate" and "in line", sweeping the wish of several European countries to strengthen its capacity in anticipation of a bankruptcy of Athens.

Barack Obama and his savings plan

Across the Atlantic, investors also await details of the savings plan of Barack Obama. Last Friday, the country's budget deficit reached 8.7% of GDP in 2010-2011, 0.3 points less than in the previous year, according to the Treasury. Knowing that in absolute terms, the fiscal gap widened slightly to 0.4% from fiscal 2010 to rise above 1.299 trillion dollars, making it the second largest deficit the country's history.

In terms of indicators, the United States, industrial activity in the region of New York came out down $ 8 no fax pay day loan.48 in October.A contraction is stronger than expected. Industrial production has in turn increased by 0.2%, as expected.

On the currency side, the euro lost ground against the dollar on Monday after briefly climbed above $ 1.39 for the first time in a month. To 22 hours (French time), the European currency is worth 1.3744 dollars against 1.3881 dollars on Friday night.

For their part, oil prices are down. In New York, a barrel of light crude lost 42 cents to 86.38 dollars.

Values ​​of the day

A salvo of results announcements in the banking and technology is expected this week.

On Monday, banking stocks are tested: JPMorgan Chase 2.67% to 31.04 loose dollars, Bank of America 2.42% to 6.04 dollars. Wells Fargo fall of 8.44% to 24.42 dollars after reporting a decrease of 4% of its turnover. Morgan Stanley 0.26% to nibble 15.26 dollars.

Citigroup lost 1.65% to 27.93 dollars despite the publication of a net profit up 74% in the third quarter, above expectations.

As for technology stocks, Apple lost 0.48% to 419.99 dollars. The company announced the Apple selling 4 million copies of its iPhone 4S. The Canadian Research in Motion, maker of the Blackberry, falling 6.55% to 22.40 dollars.

Kinder Morgan (4.83% to 28.19 dollars): The U.S. company to transport energy products announced Sunday it would buy its rival El Paso (24.81 to 24.45 dollars) to $ 21 billion , about 38 billion with debt, and thus form the largest pipeline network in the United States.Based in Houston, Texas (south), the new company will have an enterprise value of $ 94 billion, Kinder Morgan said in a statement.

Statoil (1.73% to 24.64 dollars): The Norwegian oil company announced Monday the acquisition of the American Brigham Exploration Company (21.05% to 36.75 dollars) to $ 4.7 billion ( 3.4 billion euros), which will allow it to grow stronger in non-conventional hydrocarbons in the United States. This acquisition gives Statoil access to deposits of oil shale Bakken and Three Forks in the Williston Basin in the states of North Dakota and Montana.

British Petroleum (0.73% to 40.17 dollars) Columbiaa The oil company said Monday that he would receive a payment of $ 4 billion in cash from the U.S. Anadarko as co-payments related to the disaster of the Gulf of Mexico.

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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Dexia has confirmed to be entered into exclusive negotiations "with a group of international investors that the government of Luxembourg will attend" to sell its subsidiary private bank, the BIL (Banque Internationale à Luxembourg). This discussion has actually been mainly engaged with the sovereign fund of Qatar, several sources indicate.The Luxembourg Finance Minister, Luc Frieden, for his part justified the participation of the Grand Duchy as a "minority shareholder" in the name of "systemic" to his country of BIL's 12 billion euros of deposits and forty traditional bank branches.

The first assignment could be raised on Saturday by the Board of Directors of Dexia, intended, according to a close case, to "calibrate the overall strategy of the division of Dexia."

This strategy is already known in outline. This is to sell every major business or large branch. Dexia will gradually emptied of its substance and its assets down to the most difficult to sell, mainly the bond portfolio of 95 billion euros and a life of thirteen years.The State guarantee French and Belgian finance Dexia and ultimately apply to "cantonment" business card templates.

On this basis, negotiations, under pressure from the markets and financial authorities who fear a confusion between the case of Dexia and the rest of the European banking sector are extremely complex: in addition to buyers interested in a particular asset, discussion involving the management of Dexia, its shareholders and the Belgian side the French side, and the states.

Mutual distrust

However, the pattern holds only insofar as the current shareholders of Dexia are collectively responsible. The centrifugal forces exerted, especially in Belgium, must be curbed. Thursday, pushing the Belgian regions, according to local press, a scheme of demerger of the retail DBB (Dexia Bank Belgium).

Seen from France, the idea goes wrong, since the ultimate goal of the operation is that the sale of assets – DBB is a price – reported enough money to build the hive and absorb as much as possible losses that would otherwise eventually be collected by the states.

The mistrust is mutual. On the Belgian side, Prime Minister Yves Leterme has hammered yesterday that his country did not intend to be alone with Dexia on the arms. "We must continue to fund all the past, and we will not do it alone," said the Finance Minister Didier Reynders. On this side of the border, negotiations continue on the transfer of the portfolio and lending activities to local authorities in the Deposit and La Banque Postale.

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Bluff or not, this threat reveals the uneasiness of the Federation kiwi affected financially by the organization of the current World Cup. Certainly, the event is almost historic land of the long white cloud. But the financial benefits expected from this great mass of world rugby is limited. In the end, New Zealand will lose even money (about 39 million New Zealand dollars, or 22.33 million euros).The New Zealand government will pay part of the losses, but the federation itself will also put their hands in the pocket to the tune of two thirds of the money lost.

Shortfall of 7.5 million euros

However, these losses are organizing a one-time difficulties. Because the real malaise lies elsewhere. Steve Tew, it's participation in the competition itself that is the problem. Every 4 years, federations qualified in the northern hemisphere and the south need to change their schedule (suppression test matches, shortening the Tri Nations tournament …). What cause a shortfall in terms of result and television advertising revenue and ticket sales. This year's Tri-Nations tournament, in which compete each year in New Zealand, Australia and South Africa, for example, was reduced from nine to six games due to World Cup.In Europe, the fall tours were also canceled.

In a World trade rules of the International Rugby Board (IRB) also prohibit the presence of the sponsors of the national federations. This accentuates the downward pressure on commercial benefits. In the end, the Federation of New Zealand (NZRU) said the shortfall related to participation in a 13 million New Zealand dollars (7.5 million). Great on a budget of around 55 million euros. A price she can afford all four years, according to Steve Tew.

If they win the All-Blacks, the players would receive such a bonus of 55,000 euros, depending on the site sportune.fr. Barely more than the French players to touch the earth just move in New Zealand (45,000 euros).If they win the XV of France, the French would also reward of 180,000 euros extra.

Australia to support

In his threat to boycott, leaders of New Zealand have received support from their neighbor Australia. For its part, the Australian Federation (ARU) said the losses associated with participation in the World Cup to 16 million Australian dollars (about 11.5 million euros). All federations combined, the overall shortfall would reach between 35 and 40 million pounds (40 to 16 million euros). "As noted by Steve Tew, the current economic model is unacceptable and can not be encouraged," said the general manager of the ARU, John O'Neill.We ask the IRB to resolve the problem quickly, because as a national federation, the ARU can not afford to have huge losses every four years. "

For many, the threat of New Zealand is not serious, its national team can not really do without the visibility provided by the participation in the World Cup. But the argument did fly, the IRB had promised the opening of discussions after the World Cup to avoid a radical decision.

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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.