The opposition immediately demanded the resignation of Berlusconi. "I ask you, Mr. Chairman, with all my might, finally taking note of this situation. We can not keep going this way. You must resign, "asked solemnly Pierluigi Bersani, the leader of the opposition, after the vote.

Berlusconi said he would visit on Tuesday evening at the residence of President of the Republic Giorgio Napolitano. This is "an exchange of views," according to a government source No teletrak payday loan.Only the President may decide to appoint a new head of government or call early elections.

"We asked him to step aside"

Tuesday morning, the last support of Berlusconi had dropped. The head of the Northern League, Umberto Bossi, its main coalition partner, had publicly called for his resignation. "We asked him to step aside," Bossi told reporters in the Chamber of Deputies. He thought however that the test vote Tuesday would pass without incident.

The unknown was the number of members still loyal to Berlusconi. He had to gather all right for the majority of 316 seats, yet some analysts felt that the Chairman did not have more than a hundred supporters.

Markets should react to the decision of the Japanese government, which is again intervened Monday on the foreign exchange market to weaken the yen. The Japanese currency had to break a record of force against the dollar, threatening the economic recovery of the archipelago. Result: The euro retreated against the dollar and the yen on Monday, as the greenback. Around 8 am, the euro was worth 1.4008 dollars against 1.4156 dollars on Friday at the same time. Faced with the Japanese currency, it rose to 111.02 yen against 107.31 yen yesterday.The U.S. currency climbed against the yen at 79.26 yen against 75.81 yen yesterday.

For its part, the European Financial Stability Fund (EFSF), the main tool to combat the crisis, saw its credit rating "AAA" confirmed by the three rating agencies, Standard and Poor's, Moody's and Fitch. In addition, over 90% of large banks asked to take part in the Greek debt relief have responded positively to the agreement, said the Institute of International Finance (IIF), an association of the largest banks in the world payday advance.

Europe seeks the support of the G20

Investors will also have their eyes turned towards the United States, where a meeting of the Fed is expected Wednesday, but also to Cannes, where Europe should have its anti-crisis plan at the next G20 summit.

Oil prices were up moderately Monday morning as investors agreeing respite from the soaring successor to the announcement by the Europeans of an agreement to resolve the debt crisis. The barrel of "light sweet crude" for December delivery gave himself 14 cents to 93.46 dollars in early electronic trading. Barrel of Brent North Sea crude for December delivery gained 21 cents to 110.12 dollars.

Values ​​to follow

• EDF Friday asked the Financial Markets Authority (AMF) to investigate the drop in its share price attributed to a newspaper article that the Socialist Party and the Greens are about to sign an agreement providing for election closure of nuclear power plants.

After attempting to rebound Wednesday, the CAC 40 has dug its losses for most of the session. He finally fell 2.32% to 3084.07 points. The volumes remain thin. About 2.8 billion changed hands yesterday on the great values ​​of the Paris stock exchange.

The atmosphere was also febrile on other major European markets, which have moped for most of the day. London finally fell 1.2% to 2.46% and Frankfurt. Of the European indices, the Euro Stoxx 50 slipped 2.47%.

The New York Stock Exchange suspended the information from Europe has also raised the red flag.In session, the Dow fell by 0.43% and the Nasdaq 1.08%.

"As we approach the top of the daily twists and turns are now" seeing specialists Barclays Bourse. Like many operators, and "face the high degree of uncertainty on the conclusions and future actions," they now prefer to adopt "a wait and observation on the equity markets."

Last-minute negotiations

The caution is on the market before the EU summit Sunday, crucial for the future of the euro area. Political leaders of the Old Continent has already promised that a solution to the crisis would be found. "Monday morning, it will take that markets are convinced that Europe has a solid plan, 'says one European official.For "no agreement, each European country will be reduced to individually play their survival."

Meanwhile, last minute negotiations are increasing. Wednesday night, Nicolas Sarkozy visited emergency in Frankfurt to meet with Chancellor Angela Merkel and attempt to resolve differences between France and Germany. But no information has filtered the meeting, leaving the door open to many uncertainties as to what measures could be announced Sunday. Some even evoked a further postponement of the summit of heads of state. Negotiations break down on how to strengthen the European Financial Stability Fund (EFSF), a key instrument to try to curb the risk of contagion to the entire monetary union.

The banking sector player in the market for public debt was once again at the forefront.Societe Generale lost 7.97% to 17 bad credit pay day loans.90 euros, Credit Agricole 6.67% to 4.66 euros and BNP Paribas 5.84% to 29.92 euros.

At the same time the fears of rancidity of the world economy, or even recession in Europe or the United States, are becoming increasingly intense. Yesterday, the Conference Board, whose composite index slowed for the second consecutive month, said the U.S. economy had an even chance of falling into recession in coming months.

New burst of publications

As for values, the Dexia (-1.30% 0.60 euro) responds to green light by the French Senate on the guarantees provided by the French state in the process of dismantling the Franco-Belgian bank.Legislators have asked, however, a principle of banking counterparties.

Casino (-0.32% to 62.74 euros) The Thai subsidiary Big C, will carry out a capital increase in an amount up to 25 billion baht (595 million) to refinance debt inherited from the resumption of Carrefour stores in the country.

Pernod Ricard (2.18% to 66.01 euros) achieved a turnover up 6% to almost two billion euros in the first quarter of fiscal year 2011-2012, according to a statement released Thursday.

Remy Cointreau (-4.03% to 56.69 euros) achieved an increase of 7.4% of its turnover in the second quarter (July-September) to 276.3 million euros thanks to an increase Sales in Asia.

STMicroelectronics (-1.43% to 5.09 euros) Its joint venture with Ericsson in components for mobile phones ST Ericsson has not yet managed to reduce its losses, recurrent, in the third quarter.

Schneider Electric (-7.61% to 41.22 euros) lowered its forecast its operating margin from 2011 to 14% after posting a turnover up 4.6% to 5.7 billion euros the third quarter.

Publicis (-5.29% to 33.05 euros) announced that he fears a slowdown in activity at the end of the year, following growth of 7.5% of sales in the third quarter, but still thinks register "Above-market growth" throughout the year.

The manufacturer of smart cards Gemalto (-4.89% to 32.90 euros), the world, published Thursday in the third quarter sales of 491 million euros, stable over a year and affected by the poor performance of mobile telephony.

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"Crisis of the euro negotiations last chance

Aware of the pitfalls, Paris, who chairs the G20 seeks to avoid the reasons for tension. First objective: to show that Europe is determined to solve the crisis of its debt, which raises concerns around the world.To do this, nothing better than to show the strength of the Franco-German couple at a luncheon on Friday at the Elysee, bringing together around the president, the French finance minister and Baroin his German counterpart Wolfgang Schäuble.

"We have made good progress on the path to find how to package a comprehensive and lasting agreement," said the French way out. For Baroin, progress has been made "on the joint bank recapitalization," he may say no more.According to European sources cited by Bloomberg, the euro area is working on the assumption of a default of 50% of Greek debt and would have identified seven options to boost the European Financial Stability Fund (EFSF), from the processing bank the simple assurance of securities issued by the countries most vulnerable.

Individual Solutions

Paradoxically, this sacred union between France and Germany is no longer visible in the markets cheapest personal loan rates. Yesterday, the spread between ten-year French and German was 93 basis points, to the detriment of the former. Never since the creation of the euro area, France has borrowed as much from Germany even though the absolute rates at ten years French remain historically low.In the eyes of financial markets, it shows the weakness of leeway in Paris, to boost the EFSF or possibly refinance its banks.

The other cause of tension that the French Presidency is to avoid global order. At their working dinner last night, finance ministers from the G20 should discuss ways "to ensure global growth strong, sustainable and balanced", as agreed for three years. But unlike previous summits, where everyone was asked to revive its economy, the solutions will be this time individual. "At Cannes, each country will come with two or three steps to support its economy depend on the fiscal space of each other," says Bercy. What display a facade of unity.

However, the Twenty will not avoid the reasons for tension.The heaviest between China to the United States, since the passage by Congress in Washington, a bill denouncing the undervaluation of the yuan. The newest arrived yesterday: the emerging propose strengthening of $ 350 billion financial capacity of the IMF for help, among other things, to finance Europe. A proposal that has received a plea of ​​receiving U.S. Treasury Secretary Timothy Geithner, for whom the IMF has "largely sufficient resources to deal with the crisis."

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The investigation of this type of case takes on average between 12 and 18 months. But the length of the procedure does not scare GDF Suez, which the argument is simple: the law requires that the procurement costs of the company are covered by fees, and grant a small margin. Upon arrival, if the formula price was applied on October 1, gas prices for individuals would have had to climb 10%.GDF Suez's estimated shortfall by the end of the year to some 290 million euros.

For its part, the Commission for Energy Regulation (CRE), the industry policeman, issued an opinion unfavorable to the Government Order. Meanwhile, the regulator gave the Minister of Industry, a report on the Exploring the evolution rate of increase gas prices. One of the measures mentioned by the CRE is to increase – in the development of the formula – the share of the market price of gas now cheaper for the consumer and supply contracts in the long run.

This design technique should allow to reconcile the evolution of gas prices with the political imperative to avoid any increase, especially brutal.

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The signal came from Paris, where the government is out of the woods on the delicate issue of recapitalizing banks with public funds. "We have no doubt about the strength of French banks but there is turbulence in financial markets that cause the increase of capital of European banks has become a necessity," conceded Valérie Pécresse, Minister for the Budget and is speaking for the government.

If Bercy always prefers a recapitalization by the "private capital", the Minister acknowledged that France was willing to inject itself of public money to support its banks.But only "if necessary, ultimately," insists on all sides. Still, Paris is on the side of Germany, who suspected her of wanting rather to apply the European Stability Fund (EFSF), to avoid jeopardizing its AAA. Now for Berlin, there is no question that States have the means to put themselves out to the pocket have had recourse to the help system mutusalisée what the Fund. "The EFSF can lend to some countries who need loans to recapitalize their banking system, France will not appeal there," committed Valérie Pécresse. If banks do not hammer need to be recapitalized, the French government, however, stand ready, in case …

Paris is therefore close to Berlin. And position strangely similar to that outlined Wednesday by José Manuel Barroso.Calling for a "fully coordinated approach," the President of the European Commission has called on banks to beef up their capital "temporarily" but "emergency". Private funds, public money or relief of EFSF, that each country is doing: Europe is the strength of its banking system can no longer be doubted.

30% to 60% discount

For this, the European banking supervisor is the maneuver. According to the Financial Times, the European Banking Authority will impose a hard capital ratio of 9%, a considerable jump from 5% who had served as a reference during stress tests in July. All, by mid-2012. But the effort goes further. The supervisor collects the latest encryption on sovereign debt portfolios of the banks to deduct equity securities on these discounts applied by the markets.

If the bank building is now consensus among European politicians is that a taboo is jumping, that of non-payment of Greece. Of course, nothing is official act. But when Barroso calls for "decisive action on Greece" to qd'assurer the viability of the Greek economy is emerging between the lines a massive debt waiver. Greek Prime Minister George Papandreou does not hide the power struggle in which he was hired: "We negotiate every day to reduce this debt." Of "responsible for the euro area" quoted by Reuters are considering the possibility of a cross on 30% to 50% of Greek debt.The President of the Eurogroup, Jean-Claude Juncker, has even mentioned a discount of more than 60% earlier in the week before his entourage back-pedal.

For now, banks consider in their accounts that they must give up 21% of their claims of Athens, in accordance with the agreement of July 21. It is to be able to take the shock of restructuring more violent they are asked to display ratios above reproach.

The Financial Times for its part indicated that Lou Jiwei, the chairman of China Investment Corp (CIC), accompanied by a delegation, arrived in Rome last week to meet with Finance Minister Giulio Tremonti, and officials the Cassa despositi e Prestiti.

Relief markets

In any case, the information had an immediate impact on equity markets and bonds. The news triggered a rapid rise of U.S. indexes, which ended the session up when they were, like all European markets, a sharp decline shortly before the information.L all the indices of world is indeed suspended at the least information related to the status of sovereign debt in the euro area. In fact, the fear of contagion shook the Greek market.

In addition, the bond market has also relaxed. Good news for countries forced to place their debt securities, especially Italy payday advance. Interest rates have soared Monday in an issuance of public debt in Italy.Rome has indeed placed a total of 11.5 billion euros of shares, including 7.5 billion of bonds a year at a rate of 4.153% against 2.959% in the previous similar exercise conducted on August 10.

Foreign exchange markets also reacted. The information has strengthened the euro, trading at 1.3678 dollar this morning.

China has pledged to support the euro area

The assumption of support from China bound for the euro area is particularly taken seriously by the markets as the Central Bank of China recently said it was ready to support countries in difficulty to repay their debt.

Moreover, China has already come to the rescue of countries in the euro area in difficulties in recent months. In late May, Beijing had expressed its intention to purchase debt securities issued by the European Stability for Portugal.In January, China had purchased European titles for bail Ireland. And from the beginning of the crisis, China had come to the aid of Europe's sick of his debts. Earlier this year, the country had purchased bonds espagnolespour a hundred million. The Middle Kingdom is also committed to acquire Greek bonds

By helping the EU now, China is diversifying its investments in debt securities. In addition, the country is gaining leeway in future negotiations.

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"Who owns the Debts

In addition, the Atlantic, financial markets are close to their level of January 1, which could be an equilibrium point. Also an element of support for the Paris Bourse, even if it is far from that level (3847.63 points Jan. 3, 2011).

Chapter macroeconomic, investors will take 12 hours of knowledge in agricultural price indices in July.United States, the employment figures for August will be published in the early afternoon followed by the index of industrial activity in the Chicago area and industrial orders in July and stocks crude oil.

On the currency front, having been an upward trend since the beginning of the week, the euro fell slightly against the dollar on Wednesday after the announcement Tuesday in a poor indicator of the European economy weighed on the currency European. At about 8 am in Paris, the European currency was worth 1.4428 dollars against 1.4437 dollars late Tuesday.

Values ​​to follow

In a market with relatively low volumes since the beginning of the week is a new salvo of publication of results, broadly in line with expectations, that drives the third weekly session.

In particular Bouygues strongly supports the trend.After a brief suspsendu scoring the opening, the title of group jumped 10% to 25.40 euros. The conglomerate has finally published its results on Wednesday, not Tuesday reported on the acquisition of 11.7% of its shares for 1.25 billion euros, a 30% premium over the closing price of the security last night. In addition, the group published a half-year net profit down 27% to 391 million euros.

Similarly, Vivendi (4.17% to 16.85 euros) said it had doubled its half-year net profit to 2.5 billion euros, with a net gain of $ 1.2 billion related to the settlement of a dispute over the PTC shares in Poland.Its subsidiary, Canal +, 80% owned by Vivendi, reported first half sales of 2.39 billion euros, up 2.8% year on year, operating profit increasing by 1, 9% over this period.

In turn, Carrefour is the sentence (-4.24% to 17.85 euros), after the group announced a net loss of 249 million euros in its first half. Above all, the group has revised downwards its forecasts, expects 15% drop in its earnings.

Last night, L'Oreal (-2.83% to 74.83 euros) has reported an increase in operating profit of only 2% to 1.70 billion euros in the first half.Its operating margin for its part fell 50 basis points to 16.8%, while analysts expected an increase, on average expected a figure of 17.5%.

Vinci (0.63% to 35.76 euros) for registration in the first half net profit up 15.7% year on year and raised its annual forecast.

Cac 40 off the healthy group Hermes (1.13% to 267.95 euros) is confirmed.The specialist luxury published net income up 49.5% to 290.9 million euros.

Bolloré (0.38% to 158.60 euros) saw its net profit grow by 29%, boosted by a gain from the sale of shares of the maker of seamless steel tubes Vallourec.

For its part, Havas (0.98% to 2.779 euros) announced net income up 8% in the first half thanks to an improved operating margin.

Aéroports de Paris (-0.37% to 56.64 euros) it has slightly lowered its forecast for fiscal 2011.

Hi-media (-7.26 euros, 3.32 euros) back into the green in the first half, revealing a net profit of 5.1 million euros.

For its part, the oil reacts little to the continued rise in oil prices, and the strategic agreement signed between Rosneft and will explore together the Arctic and as such invest $ 3.2 billion.Technip s'ajduge 0.66% to 65.40 euros and total advance of a small 0.54%, to 33.34 euros.

For its part, Bourbon wins 0.84%, to 22.68 euros. The oil services specialist maritime published a group net profit halved in the first half, to 41 million euros, but put on a recovery in the offshore oil and gas. It also confirms the objectives of its 2011-2015 plan.

Note that Ruby, Mersen (ex-Carbone Lorraine), April, Lagardère, Outremer Telecom, Eiffage, Stef-TFE, Fleury Michon, Bongrain, GFI Informatique, Gameloft, Sopra, Virbac, Reculex, Mr. Bricolage and reveal their Guyenne et Gascogne half-year after the stock market.

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Investors also benefit from a further weakening of the yen against the dollar and the euro the dollar was trading at 76.7 yen (0.10%) and currency EUROPEAN, 111.49 yen (0.36 %). However, some export values ​​do not. This is the case of Toyota who drops 1.91% to 2715 yen, Honda lost 1.22% to 2415 yen.However, Sony climbed 2.82% to 1637 yen.

The oil prices down slightly

Chinese markets are evolving in a piecemeal: the Hong Kong Hang Seng rose 1.51% to 19,879.50 points while the CSI 300 Shanghai loose 1.30% to 2863.39 points. According to Reuters, China has reportedly asked its banks to include their deposits in reserves required by the Central Bank.As a result, Chinese banks are severely impacted the stock market: China Merchants Bank 3.13% to loose 11.74 yuan, China Citi Bank lost 3.45% to 4.47 yuan and Industrial & Commercial Bank of China sells 1.44 % to 4.1 yuan.

On the other Asian financial centers, investors are generally in good spirits Monday morning: the Taiwan TAIEX advances 1.79% at 7578.01 points, the Kospi in Seoul gained 2.96% to 1831.55 points, the S & P / ASX 200 was up sharply from 1.82% to 4276.50 points, the BSE Sensex up 30 wins 2.64% to 16,268 points and the FTSE Straits Times rises from 1.33% to 2784.85 points.

Oil prices were slightly lower Monday morning during electronic trading in Asia, due to the drop-off in demand after the closure of airports on the east coast of the United States, when Hurricane Irene, have analysts said.In morning trading, a barrel of "light sweet crude" for delivery in October gave 13 cents to 85.24 dollars per barrel of Brent North Sea crude for October delivery let go 28 cents to 111.08 dollars.

For security, the three New York airports – JFK, La Guardia and Newark – will be closed to aircraft arriving Saturday at noon (18 hours Paris time). The flights from these airports, however, may take off until further notice. This is an extraordinary disruption to an area that typically concentrates the air flow one of the densest in the world: each year, as many as 100 million passengers pass through this metropolis.This weekend, nearly 8,000 flights should be canceled.

Like most of his counterparts, Air France announced Friday the cancellation of all flights to New York JFK on Saturday and Sunday, while disturbances are waiting on those provided to and from other cities the coast, like Washington, Philadelphia or Boston. The resumption of service, from Monday, could also be laborious and cause further disruption, have also warned the airlines.

Transport suspended

Measure more tangible for the people, public transport will be suspended in the Big Apple this Saturday from noon until probably Monday rush hour. The subway, buses and railways do not circulate. Motorists have also been asked to leave their cars at home until the alert is lifted.If winds exceed this weekend 96 km / hour, the authorities of the State of New York have also warned they would close the main roads towards the city, and some bridges.

Given the restriction of transportation and possible damage caused by the passing of Irene, the inhabitants were ordered to stockpile water and food in preparation for the weekend. "Water is our product that sells best," noted the retailer Wal-Mart on Friday. Many are those who are armed with power generators in case of power failure.

To address these potential damages, the cost could rise to nearly $ 12 billion according to consulting firm Kinetic Analysis, U.S. authorities are preparing to deploy in new ways.900 National Guardsmen and 2,500 workers in the electricity sector include ready to intervene in case of power failure. All these measures aim to avoid at all costs repeating a scenario to Katrina, the hurricane that was painfully struck New Orleans in 2005.

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