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Republicans and Democrats tear each other apart in Washington for several weeks to avoid economic and financial catastrophe. The draft plan expected Sunday night was supposed to at least prevent markets open Monday morning in Asia, the dollar collapses. Since mid-May, when the debt ceiling up to 14,300 Treasury billion was reached, investors have been remarkably patient. But tired of political impasse, however, they could start selling U.S. Treasury securities and cause a sudden rise in bond yields.

Beyond the immediate threat looming two major systemic risks. Chronologically, the first is that of a selective defect of the Treasury. The latter says that beyond the August 2, it will no longer have sufficient liquidity to pay all its bills.The only way to continue to pay both current expenses such as salaries of civil servants, pensions of the elderly, as well as interest and principal on its debt, is to issue new bonds. $ 87 billion of federal government bonds maturing on August 4. It can only do that by issuing new shares. For this, it must have the authority of Congress as the upper limit of 14,300 billion debt would be exceeded.

Risk of asphyxiation

Without authority to do so, the treasure is August 3 in a position to "selective default" is to say, forced to choose which to honor its debts. Even putting hundreds of thousands of civil servants laid off to focus on pensioners and holders of government bonds, the Treasury can hardly make time.Uncle Sam is, in fact, take roughly 42% of what it spends. If he can not borrow, it quickly asphyxiated. This asphyxiation born a global crisis of confidence, the stock market crashes and bond, a collapse in domestic demand in the U.S. and global recession. The enormity of the threat calls for a last-minute compromise, reducing public spending, paving the way for a poll under the ceiling of the debt.

The second danger is less serious, but the probability is much higher: it is the degradation of the AAA rating given to the debt of the United States. American paper would no longer be the instrument chosen by the risk-free banks and investors around the world to park their cash. The returns required by investors to hold bonds tarnished increase.An increase of one percent of these returns would result in $ 150 billion more than annual burden of debt for the Treasury.

The three major agencies have warned the White House and Congress: America does not deserve to keep the rating the best expense only if it engages in a credible plan to reduce the medium to long term its debt. It is therefore possible that next month, noting that the compromise that made it possible to raise the debt ceiling is accompanied only by inadequate measures of savings, one or more agencies degrade America.

It was twenty years commissions on credit card transactions had not fallen and that the regulator two years campaigning for change that. Following a lengthy litigation, the Competition Authority announced Thursday that French banks got a discount on fees so that they in turn require merchants and consumers for a withdrawal to the distributor or a card payment. This payment remains the most widely used in France and has grown steadily since its introduction, mainly to the detriment of the check.

According to the Competition Authority, which accused the banks to agree to the detriment of consumers, the main interchange fees should drop by 20% to 50%. The agreement will take effect from 1 October and will be valid for four years, with an estimated loss of revenue for banks to 600 million euros a year.

Effect on customers' bills

In detail, the interchange fees for payment, paid by the merchant's bank to the consumer, are expected to decline by 36%. These costs were strongly disputed by the traders, who thought a large majority "penalizing" according to a survey by the Professional Union scale (UPA). The Federation of Enterprises in trade and distribution was also the source of the complaint filed with the Competition Authority no fax cash advance.

More sensitive to the consumer, the fees charged for each withdrawal by the bank's ATM to that of the cardholder to fall by more than 20%. Currently, most institutions charge a euro each withdrawal at another bank in more than a few transactions. Only the Postal Bank currently fails to puncture such fees."The decline of this commission, now passed to the holders of a majority of banks will most likely be a direct down" on consumers' bills, welcomed the Competition Authority in a statement.

Commissions on levies on the Seletti

In this case, the fear of financial penalty penalizing banks convinced the 130 stakeholders to negotiate with the Competition Authority. In September 2010, the institution has indeed sanctioned eleven banks to the tune of 384.9 million euros for imposing fees on abusive transactions by check.

But the sector is regularly singled out by consumer associations to impose unfair tariffs, has not finished accountable.The Competition Authority also announced Thursday that it will address in the coming months to commissions established by other types of credit cards such as Visa or Mastercard, and those imposed for withdrawals.

William Multrier, the CEO of Aegis Media France, leaves office. Present since 2005 in the first group of consulting and media buying in France, he was appointed head of the French subsidiary of British group Aegis in 2009. However, the leader, now forty years old, opted to develop its own projects. Indeed, it is the majority shareholder of Webedia group he founded in 2007 and home to sites like Purepeople.com, Puretrend.com, Purefans.com, but Puremedias formerly Ozap.com bought a few months ago M6. This group should post a turnover of nearly 15 million euros in 2011 and "several million" statement business cards design.Guillaume Multrier, "it became indeed difficult to be both at the head of a media agency and several activities in the media."

However, William Multrier should remain in the group until the end of the year. "I want to help customers but also help the group Aegis to organize my estate and to find my successor," he told Le Figaro.

Aegis Media France is the first French media agency, shoulder to shoulder with Havas (Havas Media). It is also one of Aegis Group's main subsidiaries, which totaled in 2010 a total turnover of 1.68 billion euros.

General mobilization. In just one week the opening of the Salon International Air and Space in Le Bourget, the site was transformed into a gigantic construction site. Some 10,000 people are at work worth tens of trades. An endless stream of 10 000 trucks carries a broom incessant. In six months, "we are building the equivalent of a town of 20,000 inhabitants has the largest restaurant in France. This temporary city for seven days receives 350,000 visitors, "says Gilles Fournier, Director General of Fair which celebrates its 49th edition.

The countdown has begun a year before. The Association of French manufacturers of aerospace and space (Gifas) entrusts its commercial arm, SIAE with l5 permanent organization of the largest airshow in the world – which takes place every two years alternating with the Farnborough event UK.The marketing of 217,000 square meters of exhibition divided between 6 halls (54,000 square meters), cottages business (35 000 sq.m.) and surface static display of aircraft (130 000 sqm) is launched. The team grows in strength and currently has 2500 people.

In January, the entire exhibition space was sold, never seen by Gifas. Exhibition Place, built in 1953, was renovated with an investment of 15 million euros. Meanwhile, the ESIS gives the kickoff of the construction giant. It starts with a shuttle trailers between Le Bourget and Chalons-en-Champagne. This town of Marne welcomes its periphery warehouses rented by SIAE order to repair, maintain and store the 350 cottages. Once conveyed to Le Bourget, they are reassembled on site. Mid-May, the assembly of the equivalent of 2 km cottage is almost completed.

They are willing delivered "naked" to exhibitors who have previously chosen from among several options: with or without terrace, with or without garden, sliding glass doors or not … On average, renting a cottage costs 30 000 euros all related services: water, Wi-Fi, electricity, telecommunications … "The interior design, decoration, catering or direct services are the responsibility of the exhibitor," said Louis Le Portz, Commissioner General of the show. The layout of the chalets, exhibition halls and pavilions begin five to six weeks before June 20 The designers are at work. Tons of carpet, furniture, carpets, curtains, decorative items, tableware, vases, … refrigerators are delivered.

The temperature rises because the clock is ticking. The risks multiply.In conjunction with the Departmental Directorate of Labour, the organizers ensure that companies and their subcontractors comply with French law. No question of allowing Chinese workers to sleep on site and work at night! Checks are also made with security companies and cleaning. Meanwhile, SIAE is recruiting a thousand people. Among them, 500 guards who work day and night to monitor the site, about 400 hosts and 200 cleaners. With staff hired for the occasion by the exhibitors, "there are more than 4000 people are ready to welcome visitors, provide catering services, and keep the premises clean," says Gilles Fournier.

Solar Impulse, guest of honor

Today, the first aircraft entered the air show and exhibition ground will arrive at Le Bourget.Not easy to "park" 150 planes and 20 helicopters but all find their place assigned in advance. This year, large birds are exposed, including two Boeing B 747-8, world premiere, 1 B 787 Dreamliner and the Airbus A 400 M military

With 1.6 T, the Solar Impulse Bertrand Piccard is a featherweight. The experimental solar device is the guest of honor at the fair. The suspense remains, since a series of incidents have forced on Saturday to make a U-turn, while in flight to Le Bourget, and return to its point of departure for Brussels. Its designer, Bertrand Piccard, however, has not given up being present.

The latest up and the ultimate "dirty rag" will take place Sunday. The festival starts tomorrow. A party whose Paris region expects 500 million economic impact.

Just e-G8 closed, rumors of geeks running since this morning. And if true, it confirms a big strategic move for Facebook. After launching with Warner Bros VOD (video on demand), the giant with 500 million profiles, whose boss Mark Zuckerberg is one of the VIP guests to meet the eight G8 Heads of State on Thursday – would be a fortnight of launching a music service straming, through a partnership with the nugget Spotify, according the U.S. magazine Forbes.

It is rumored that on the Facebook profiles, left, would be inserted an icon whose name is not yet known, but could be "Facebook Music" or "Spotify on Facebook.It is also said that the alliance would take place without any commitment of money: it would therefore Spotify to be known to great speed in the world, and Facebook, to finally be on the market for music online, like Google, Amazon and Apple.

With these revelations Forbes this morning, citing sources familiar with the social network, shakes blogs, feeds and awakes the twits websites. According to the magazine, if a Facebook user – which is located in a country where this is Spotify – click the new tab, the application will install on his computer screen and allow access to Spotify music library directly from their Facebook profile. Be music, free, for a few hours, or unlimited for those who choose the Premium connection to 10 euros per month.It would be possible to share the song and listened to his "Facebook friends" could enjoy together.

Spotify: a million users and a launch in the U.S.

This partnership would be a real boon for Spotify direct competitor to Pandora or Rhapsody in the U.S. or the French Deezer. The European site for streaming music over the Internet, launched in 2006 in Sweden and in seven European countries, in particular going to launch its first services in the United States this summer, said yesterday one of its shareholders, Sean Parker , Contractor's flagship web world, visiting Paris for e-G8.

Mainly known for founding Napster, the music-sharing software who first shook up the classical model of the music industry, Sean Parker Spotify commme sees a way to encourage people to accept new pay to listen music."I would not say that Spotify is intended to compensate Napster. I would rather call it to finish what I started with Napster, "said the contractor in an interview with Reuters on the sidelines of the e-G8. Spotify claims a million users to date premium total in England, Sweden, Finland, Norway, Spain, France and the Netherlands, and over ten million subscribers for free.

When e-G8, Neil Rimer, co-founder of Index Ventures investment fund, which invested in several start-ups, said he had "identified a list of companies in Europe are approaching the Cape of billion dollars in sales and who have what it takes to go public. "Among them he cited Spotify.

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Finance ministers of the euro area hoping to keep their meeting Friday night at the Chateau de Senningen, Luxembourg, secret. Not a chance. It was stale, in real time by the website of the magazine Der Spiegel, the most famous of Germany, who found a little faster, there was talk of an "exit" of Greece to the euro area. A new contradicted on all sides, which was enough to plunge the euro of 1.30%, to $ 1.43 on Friday night.

If the output of the euro was a rumor "completely fanciful" in the words of Bercy, the financial position of Greece was indeed part of the discussions in the Grand Duchy.A situation so explosive, with a debt of 350 billion euros in early 2011 (150% of GDP), that this appointment did not appear on any official agenda …

Were present in Luxembourg: Jean-Claude Juncker, head of the Eurogroup, which took the initiative of the meeting, Christine Lagarde, Wolfgang Schäuble, Julio Tremonti of Italy, the Greek Finance Minister George Papaconstantinou; Minister Spanish Solgado Elena, the ECB president, Jean-Claude Trichet and European Commissioner for Economic Affairs, Olli Rehn.

"We did not discuss output Greece to the euro! It's a stupid idea! We do not want the euro area explodes! "Insisted Jean-Claude Juncker after the meeting, visibly annoyed. "We also exclude the option of restructuring the heavily cited by the markets," he added."Greece needs a further adjustment program," he insists.

Rejected by France, the ECB, the European Commission and the boss of the Eurogroup, who fear the contagion effect in the euro area (see below), the assumption of a debt restructuring Greek has nevertheless been mentioned, as "mild" a debt rescheduling. But it was not accepted as a reasonable assumption, including the Germans. "This is not the agenda," says Will we in Berlin, even though the Liberals in the coalition are pushing for banks to charge, and, failing to leave Greece in the euro area …

A hole estimated at 30 billion

Leaving aside these two extreme options, there is only one solution: a new financial extension beyond the 110 billion euros of loans already granted by the EU and the IMF to Greece.This amount is insufficient today to cover the financing needs of Greece to June 2013, when the rescue plan will expire today.

To fill a hole estimated at 30 billion euros, before the coming into force the European mechanism of stabilization (TSS), a new form of rescue was considered, in Luxembourg.

According to the Greek finance minister, he would "use the recent European Council decision authorizing the Fund to redeem the debt Greek." This is not Greece which would directly lesmarchés in 2012, as agreed at the first save, but the Fiscal Stabilization Fund (EFSF), which would acquire the newly issued debt by Athens at the height of 25-30000000000 euros. The EFSF, sovereign rated 'AAA' markets, has 440 billion euros of lending capacity.

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After two difficult years, the market for used cars has finally erased the impact of economic recession and scrapping. With over 510,000 registered vehicles in March, he returned to a level he had not met since April 2008. This is twice the new home market, as 257,000 new cars were registered in the period.

The recovery appears sustainable. 38% of members of the National Occupational automobile (CNPA), which includes dealers and professionals the opportunity to anticipate an increase in their turnover in their activity during the second quarter of 2011. There were only 14% to be optimistic about a year ago. These professionals do indeed represent only 40% of the market, 60% being made between individuals, but they give a good idea of ​​its evolution.

U.S. exchanges to raise. After closing sharply lower Monday, Wall Street opens on Monday, up slightly Tuesday. The Dow Jones gained 0.12% and the Nasdaq rose 0.22%.

Before the publication of the results tonight Yahoo and Intel, the return to stock market indices through better than expected corporate earnings and renewed housing construction in March.Housing starts rose 7.2% and building permits by 11.2%.

The day after lowering the outlook on the U.S. debt by Standard and Poor's, Treasury Secretary Timothy Geithner said the country was "in a much stronger position (than other countries) to deal with its difficulties. "

Oil prices continue to fall Tuesday in the opening exchanges in New York, as investors questioned the impact of high prices on demand.In early afternoon on the New York Mercantile Exchange (Nymex), a barrel of light sweet crude for May delivery traded at 106.25 dollars, down 87 cents from the previous day.

Citigroup: 0.90% to 4.46 dollars

Citigroup announced Tuesday that he gradually got rid of a portfolio of 12.7 billion dollars of toxic assets account for a large portion of its losses during the crisis in order to mitigate the anticipated effects of the implementation establish rules of Basel III.

Johnson & Johnson 2.98% to 62.26 dollars

Johnson & Johnson on Tuesday net profit down 23% to $ 3.47 billion for the first quarter but remained higher than expected (3.2 billion dollars). Turnover, up 3.5% to $ 16.2 billion, also exceeded expectations (15.83 billion U.S. dollars).The group raised its forecast for annual earnings per share, taking it to a range of 4.90 to 5 dollars, against a previous range of 4.80 to 4.90 dollars and a forecast of analysts of 4.83 dollars.

NYSE Euronext: 1.17% to 38.77 dollars

Nasdaq OMX stock exchange operators and IntercontinentalExchange noted Tuesday their proposed purchase of NYSE Euronext board of directors of the places in New York and Paris payday loan.

State Street: 2.08% to 45.60 dollars

State Street issued on Tuesday a quarterly operating profit rose to 444 million, or 88 cents per share, slightly above the consensus.

General Motors: -1.33% to 29.57 dollars

The U.S. Treasury could sell much of 33% of shares he still owns stake in General Motors this summer or fall, according to a source familiar with the matter.Neither the timing nor the size of the sale, however, have yet been determined.

Goldman Sachs: -0.42% to 153.14 dollars

Goldman Sachs announced Tuesday a 72% decline in earnings in the first quarter compared to last year to 908 million. Analysts expected a profit of about $ 477 million. The turnover of the bank stood at $ 11.9 billion in the quarter, down 7% year on year but higher than the 10.2 billion expected by analysts.

Bank of New York: -1.78% to 28.68 dollars

Bank of New York reported Tuesday in a 4% rise in quarterly profit to 625 million, supported by higher asset management revenues and commissions.

Seagate Technology: -2.91% to 17.32 dollars

Seagate Technology will buy the operations of disk drives from Samsung Electronics for $ 1.4 billion in cash and stock, said on Tuesday South Korean group.

Texas Instruments: -0.98% to 34.45 dollars

Texas Instruments on Monday announced a quarterly profit slightly below expectations. The first quarter earnings rose to $ 666 million, or 55 cents per share, against $ 658 million and 52 cents a year earlier.

Harley Davidson: -1.68% to 39.04 dollars

Harley Davidson reported earnings per share of $ 0.51 in the first quarter, below the consensus at $ 0.53. The group recorded quarterly revenue of 1.06 billion euros, against 1.05 billion expected.

The false Renault spy case comes to an end for Matthew Tenenbaum. The youngest of three executives dismissed earlier this year accepted its reintegration into the group, according to the agreement reached with management on Monday. "I can confirm that it is reinstated. It remains to determine what functions, it is being discussed these days, "said Thibault de Montbrial, his lawyer. The other two concerned Balthazard Michel Rochette and Bertrand, they have decided not to return.

The other part is returned Philippe Clogenson. The latter had been dismissed for corruption in 2009, also on the basis of anonymous accusations that proved unfounded. Renault reinstate it next month as director of "business development" Renault Consulting, the consulting division of the group.

Back to the wall

The return of Matthew Tenenbaum Renault may have a bitter taste.A new audio document, published by L'Express on Tuesday, makes indeed account for the severity of the direction towards him during the meeting on 3 January with Christian Husson, legal director of the company. That day, part learned with amazement accusations of industrial espionage and the dismissal proceedings against him.

Confident Christian Husson Matthieu Tenenbaum launches: "We know that you have committed serious acts, unethical at Renault, and constitute criminal offenses. You'll leave here earlier with a layoff conservatory. The latter seems stunned: "I do not see at all what you mean." Then follows a real game of ping-pong between the two men Proceedings:

– "I think you know very well," said Christian Husson.

– "No! "Replies Matthew Tenenbaum.

– "Yes, yes Matthew …"

– "We know each other!"

– "Of course we know each other. But here, we know "

– "But you know what?"

– "We know."

– "But you kidding! It's not going head! "

– "It's going very well," said Christian Husson, which states in part that his "cronies" are examined in the offices nearby no fax payday loans.

Confession or resignation discrete

Despite the pressure and lack of explanations, Matthieu Tenenbaum continues to blanket denial: "To be escorted by hounds and finish it tells me that I have two choices, either confess or I am made walk for eight days, excuse me fall out of the closet like that, but what you speak? "

Tired, legal director offered him a "deal": "Either you cheek me, Commissioner Mills and the suspect who denies any ', or you end up in more discrimination (…) If you deny everything, that's what will happen .It will trigger a cumbersome procedure, criminal, and certainly with the key to serious consequences for you (…) Let you have more discernment, and it leads to resignation (…) that is to say that you hand your resignation with some details on what information you passed to the Chinese. And it stops there. "

Christian Husson Tenebaum then invites Matthew to "think carefully" to the maintenance of 11 January with Jean-Yves Coudriou, the chief executives. "Stop saying that you did nothing. We know, "he says.

"My hands are clean"

At this stage, the choice of frame is yet done: "If the only way to restore the truth is the hard way, I will take the hard way. But I do not see anything else I can do, "says Matthew Tenenbaum. "You can check all my accounts, my emails, my stuff, digging my home search …but never in my life I would have given any thing outside of the company! "he protested. "I have clean hands so you can do anything you want. I never turned a penny of this company. "

Despite the determination displayed frame, Christian Husson does not bend. "You'll go to your office seeking your business quietly without wishing the wishes to your colleagues. Hello Matthew! "Says he at the end of the interview.

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The government takes action to defuse the controversy over rising energy prices. And Francois Fillon has "taken a series of measures to limit the impact of energy prices on the purchasing power", Matignon said Tuesday in a statement.

The Government has expressed particular the cancellation of the rising gas prices initially expected July 1. In addition, departments will review the tariff applied to gas prices. Gas prices rose 5.2% Tuesday, bringing to more than 20% price increases year over year. With the calculation in force today, it might also increase again by 7.5% on 1 July.But while the subject of rising prices are especially sensitive to thirteen months of the presidential election, Eric Besson, Minister of Industry, Energy and the Digital Economy, had already indicated that decisions were expected at the end arbitrations and the Elysee Matignon "in the days to come."

The government also plans to review the public service contract that binds GDF Suez to the state, "to make it more favorable to the ultimate consumer when the market prices are persistently lower than the price of long-term contracts." Since early 2010, GDF Suez, owned 35% by the state, which offers fares. The CRE then verifies that they conform to the formula.This was pronounced in recent days to a new formula.

"Special contribution" of oil

Another measure expected: the oil companies will now be drawn upon to finance the oil import bill. They will finance the upgrading to 4.6% "of the flat rate mileage apply for tax revenue in 2010 compared to the level used in 2009." This tax deduction will allow those who use their cars very much to offset soaring fuel prices bad credit payday loans. Matignon stresses with the oil companies define the form that this "special contribution". The idea of ​​a fuel voucher donated to the poorest households had been discussed but time does not appear to have been selected by the state.The establishment of a solidarity fund, financed by oil tankers, would be the preferred path to creating a new tax.

But this idea goes wrong with the oil companies. The president of the French Union of Petroleum Industries (Ufip) Jean-Louis Schilansky pointed out that the "flexibility" was "extremely small".

Focus on energy savings

Moreover, the Prime Minister indicate that electricity prices for households will increase by 2.9% on 1 July 2011, then remains unchanged until 1 July. An increase of more than 5% until 2015 had been raised so far, an increase of nearly 30% by 2015.

Finally, the State affirms its commitment to achieving energy savings."The Grenelle environment in 2020 will continue the energy reduction through the support of renewable energy, energy efficiency and reducing CO2 emissions." The government will thus to 1.35 billion euros the program "Living better" which assists households in a precarious situation. EDF, GDF Suez and Total will participate in 250 million euros in the program.

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