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

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

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

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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This is for now a simple technical rebound following the sharp fall of the Paris market by nearly 5.5% yesterday, the most since December 2008.The collapse in global equity markets was too large, "note the analysts of Axa IM, hoping more rational for this session.

But concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic. The overwhelming investor nervousness could therefore persist while no major indicator is the program on Thursday.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London.Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq.

Bank stocks monitored

Gold continues, meanwhile, fly from record to record. The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector payday loans with no fax.Trading in Societe Generale jumped nearly 9% to 24.16 euros after being suspended briefly at the opening. The title was unscrewed from 14.74% on Wednesday. The bank asked the AMF to investigate the origin of the rumors that have depressed its course. The CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, it is taken at Societe Generale, "he lamented. "We have no fear on our lending: we achieved 93% of our long-term funding program year, he added.Short-term side, we have 105 billion euros of underlying assets with central banks and keep full access to the interbank market. "

BNP Paribas (2.98% to 36.67 euros) and Credit Agricole (5.68% to 6.418 euros) rebounded Wednesday after falling by 9.5% and 11.8%.

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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Shortly before, the only official reaction came from the Treasury and was terse: "an appreciation vitiated by an error of 2000 billion dollars speaks for itself." This release has illustrated the high tensions between the administration occurred Friday Obama and the rating agency Standard and Poor's, crystallized around a miscalculation of 2000 billion.

As tradition dictates, S & P has informed earlier this afternoon the Treasury's decision before making it public. This is usually an opportunity for the government to point out any factual errors. At this meeting, U.S. officials soon discover that the projections of S & P over ten years the budget deficit and public debt do not coincide with the figures of the executive, from the work of the Office of Congressional Budget (CBO).The U.S. public debt stood at 93% of GDP in 2021 instead of the expected 85%, a difference of two trillion dollars.

Standard and Poor's emphasizes the "political risks"

Faced with protests from the government, the rating agency starts with defense. She claims to be part of the work of the CBO, a retaining projection "alternative" of government spending, considered more realistic. After discussions, however, she agrees to return to the initial forecasts. The Treasury advised her to give himself time to review the numbers cold.

Far from judging, Standard and Poor's does not reverse its decision to lower the rating of the United States to "AA +" with 'Negative' outlook. The agency submits a new version of its release to focus on "political risks" to see the country taking insufficient measures against its budget deficit payday loan lenders.In another statement released at night, she explained that the correction of the error has changed only marginally forecasts of debt in 3 to 5 years to come, "decisive" for its decision. "This is a technical error, no serious consequences," says one within the agency.

According to S & P, the political debate on these issues in the United States is indeed not up to the problems caused by a debt of more than 14,500 billion.According to a U.S. government source quoted by CNBC, this episode proves that the decision by Standard and Poor's was taken regardless of the numbers, while revised data showed that the deficit would be sustainable over the next ten years.

"Latest victim of the failure of Obama's economic"

The rating agency had in fact warned in mid-July the Obama administration she wanted a deficit reduction of 4 trillion dollars over ten years to maintain the triple-A, instead of hard-won 2.1 trillion. John Chambers, President of the Evaluation Committee of S & P, also found on CNN that Washington could have prevented the lowering of the notes within the ceiling as soon as the statutory debt.He said the responsibilities were shared by the Administration and Obama, but also "the previous administration."

The political reaction in Washington have shown just block pointed to by S & P. Mitt Romney, candidate for the Republican primary for the 2012 presidential election, has described the downgrade of American "latest victim of the failure of Obama's economic" and the Republican president the House of Representatives "consequence of uncontrolled spending in Washington in recent decades."The Senate Democratic leader, Harry Reid, has instead called for "a balanced approach to deficit reduction," with lower costs but also increases targeted taxes, it rejected the Republicans, under pressure ultra-conservative "tea parties" in the recent discussions on the debt.

(With branches)

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The first saw its revenues increased more than sixteen in less than a year with new advertising contracts. 42,000 euros per year in August 2010, Camille Lacourt thus rose to 700,000 euros, much of which end of advertising contracts. Jeremy Stravius, it has at present still no agent and a single sponsor, Tyr, obtained through the French Federation of Swimming.

Thanks to a physique, Camille Lacourt has attracted luxury brands like Clarins and beauty, and earns 200,000 euros a year for six years, and Chanel, which pays 70,000 euros a year to wear its watches. But not only.These three gold medals taken down on three different disciplines at the European Championships in 2010 convinced the sponsors to leverage the rising value of swimming. This choice is paying now. "We have no logic, because the muse is the star product, it says Clarins. Such a partnership is a new and unusual practice for us. It's Camille Lacourt who came to us. President Christian Courtin had a crush on the athlete who shared our family values. It has in fact explained that her grandmother was attached to our products payday advance low fees. It has become our first ambassador. What we do not regret today. "

Banking on new talent to one year of the Olympics 2012

A speech that could also take Tyre, the last date of the associate sponsor of the club swimmers Marseille.Last June, the U.S. supplier has signed with him a three-year contract for a minimum of 80,000 euros per year. This amount could go up to 150,000 euros.

The gap is large with Jeremy Stravius ​​which according to our information, does not own advertising contract. But in the basin of Shanghai, the swimmer's club has yet matched the Amiens time Camille Lacourt, which is considered as one of the specialists in the discipline. Jeremy Stravius ​​therefore affect the same amount as for this fellow gold medal.

Amiens and the swimmer is reassuring: the current situation is reminiscent of Camille Lacourt a year ago, before it exploded and sports media to the general public.As long as Jeremy Stravius ​​this week confirmed its performance on other distances, it is not inconceivable that a brand can be associated with his image, in just one year of London Olympics in 2012.

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"The demand does not seem to have reacted to the rise in interest rates," says Michel Mouillart, professor of economics at the University of Paris X-Nanterre, who led the study. However, credit rates climb since November 2010."After increasing by 0.1% per month between November 2010 and late March, they rose by 0.5% per month in the second quarter." As a result, rates increased from 3.22% (excluding insurance) on average in October 2010 to 3.9% in late June, returning to their levels of September 2009 or "even in the summer of 2006, when the market was booming."

For borrowers, this change is not painless. For a loan of 200,000 euros over twenty years, the monthly payment rose from 1,160 euros in October 2010 (with a rate of 3.5% excluding insurance) to 1244 euros today (with a rate of 4.3%) by Empruntis . com.

Longer loan periods

In seven months, the total cost of this loan was therefore adds more than 20,000 euros, 78,400 euros from 98,560 in October.However, the recent rise in rates could be partly offset by a lengthening of the duration of loan (215 months on average in June) and the significant increase in the personal contribution (10.5%) coming in part of the first resale of property.

In Ile-de-France and the rise of the personal contribution is the fastest. "If there are significant cost differences, but they are erased when comparing income levels," Michel Mouillart into perspective. In 2010, the average cost of an acquisition accounted for an average 5.8 years of income, against 5.5 at the national level. "We're trying to restore the normal activity of normal and resale market. When he is returned to the pace that it had before the crisis, the price growth will be slower, "predicts Michael Mouillart. It anticipates higher prices in the former between 6% and 7%, but with wide regional disparities.But the market for home ownership could slow. "The year is expected to stabilize the production credit," predicted Michael Mouillart.

As for lending rates, they should not move at short notice. But "it is very unlikely to go down ', say experts.

On Thursday, all the Socialist deputies, more Conservative MP Elsa Papadimitriou, who had made the day before his voice to the government to adopt the master plan of austerity, approved the text "on principle".The 136 deputies present to the opposition of left and right voted against, while five dissidents centrist conservative opposition voted white.

The second text, submitted to MPs, concerned the procedure for implementing conservation measures for 28 billion euros over five years free credit score online. Its adoption was imposed by the eurozone in return for the payment of a new tranche of aid to 110 billion euros developed with the EU and the IMF. A meeting of finance ministers from the euro area, scheduled July 3, will be devoted to the continuation of aid to Greece.

The Greek Parliament has fulfilled the necessary conditions for release of money to Athens to avoid bankruptcy, estimated Thursday the permanent EU president, Herman Van Rompuy, and the European Commission, José Manuel Barroso."The conditions are now in place for a decision on the payment of the next tranche of financial assistance for Greece and for rapid progress on the second bailout", they tried in a joint statement.

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In addition, the Japanese Minister of Finance, Yoshihiko Noda, promised Tuesday that his country would continue to buy bonds from the European Financial Stability (EFSF), to help the euro area to overcome the debt crisis of some of its members. Sign of the relief the markets, the euro recovers.At the end, it was 1.4396 dollars against 1.4301 late Monday.

The markets also learn that sales of existing homes in the U.S. fell in May from 3.8% to 4.81 million units annual rate, according to figures released Tuesday by the National Association of Realtors ( NAR), slightly less than analysts had feared.

In London, the FTSE-100 index gaining 1.44 of the main values% over the closing Monday at 5,775.31 points. For its part, featuring Dax index of the Frankfurt Stock Exchange on Tuesday pressed a bar 7200 points ending up 1.89% to 7285.51 euros, against 7150.21 points the day before closing.

Maurel & Prom, Areva and derive the rating Nexans

Maurel & Prom (5.01% to 17.20 euros) sold in Canada Caroil Tuscany for $ 120 million and 29% in capital.The group posted the best performance from the coast on Tuesday.

Areva (2.06% to 26.05 euros).The Committee of European Group (CGE) Areva said Monday that Oursel Luke, the future chief executive of the specialist public of nuclear, was expected to set out his strategy for the company.

The French manufacturer Nexans cables (3.60% to 64.78 euros) announced Tuesday that it would strengthen its presence in China by acquiring 75% of the energy cable business of the Chinese Shandong Yanggu Cable, valued around 140 million (including debt).

Valeo (5% to 44.12 euros) is carried the words of its Director General Jacques Aschenbroich who welcomed the "very good first half of 2011" in an interview Monday in Paris. "Valeo increased by three to four points faster than the market "on which it operates, and the order books of Valeo exceed 12 billion euros, he said.

The IPO postponed Verallia

Saint-Gobain (2.80% to 42.58 euros) on Monday announced the postponement of the IPO of its subsidiary Verallia, a failure that symbolizes the current weakness of capital markets on fund nervousness of financial markets the Greek crisis.

Carrefour (1.68% to 27.30 euros) held a general meeting of importance on Tuesday. The slump experienced by the Carrefour share in recent days has led the meeting. The shareholders approved Tuesday in a stormy atmosphere complete the demerger of Dia, the company's French distributor discount, denounced by the unions who cry "dismantling" of the group's strategy also worried some small shareholders.

Alstom (1.20% to 42.47 euros) is developing a new model for high-speed train, the AGV II, which could run at a maximum speed of 380 to 400 km / h, according Les Echos."After the failure of the Eurostar, Alstom aims to expand its range of high-speed train for international tenders, while the competition has never been higher," said the daily.

The automaker Renault (2.92% to 38.07 euros) does not market new high-end vehicles before the end of 2014, announced the group's commercial director, Jerome Stoll.

While 200 planes were sold yesterday at the Paris Air Show, European governments are on the frontlines in defense of public aid granted to Airbus (EADS: 2.33% to 21.75 euros), challenged by Boeing and the WTO.Ministers to UK companies found that surgery was beneficial to taxpayers, at a meeting at Paris Air Show.

In addition, Eurocopter, a subsidiary of EADS, is expected to have discussions in the fall with the Ministry of Defence, who want to save money on the result of the Tiger and NH90 programs, The Tribune reported Tuesday.

The CAC 40, only Danone (-0.25% to 52.15 euros) and Pernod Ricard (-0.36% to 66.89 euros) decline.

This generally favorable decision must be relativized by two elements identified by the barometer Ifop / Cadremploi: a sense of degradation of working conditions and wage increases perceived as inadequate.And 54% of executives believe the work environment deteriorated and are as likely to be called "strained" relations with their superiors (43% against 29% who disagree). More importantly, 72% of executives still observe an increase in their workload and 69% said the emphasis on productivity increases.

Salaries disappointing

Hand wages, although the proportion of executives who received an increase earlier this year was up 5 points from December 2010 (39% against 34%), they are well below what they expected. 69% of managers have been increased, have been less than 4%. "There is a correlation between the increase seen in 2011 and the level of executive compensation," said the barometer Ifop / Cadremploi. Executives receiving more than 50 000 euros have seen their exceed 4% increase quick guaranteed personal loans.Moreover, nearly one in five executives saw their work is valued through missions or additional responsibilities or most interesting (17%) or by the granting of benefits in kind (16%) or by further consideration (15%) to compensate for the absence or the low pay increase.

Not surprising in these conditions that improved wages still awaiting the first frames: they are now 62% want to earn more, or three points since December 2010. This is the highest level since the first wave of the barometer in June 2008.

Cap on executive pay

To win better wages the French no longer hesitate to look elsewhere and to change employers. "Almost four in ten business (39%) are willing to change companies, an increase of 7 points in one year," said Cadremploi.Also 31% of respondents said "consider a change of occupation and / or business." What do they expect wage increases of mobility? "18% on average" …

Executives, who feel that their leaders do not quickly enough to loosen the purse strings, will also show severe levels of remuneration of top managers. They are in favor of a limitation of the latter, "more than one part in two (52%) say that leaders should receive an amount less than 250,000 euros" is the barometer Ifop / Cadremploi. Compensation deemed "acceptable" is averaging 386,641 euros.

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