All World

The Cac 40 widening losses

The day after a session sharply higher on Wall Street and in Asia, the Paris market continued its rebound sharply on Tuesday after rising 2.2% Monday. At the opening, the benchmark index of the Paris Bourse was awarded 1.22%. But at midday, the CAC 40 is pressed into the red (-0.40% to 3141.62 points) with shortness of breath and banking stocks before the release of major U.S. indicators.

Meanwhile, the announcement in late morning, a confidence index of entrepreneurs and consumers in the euro area fell sharply in August may have contributed to this turnaround.Throughout the European Union, the confidence of business leaders and consumers has declined even more significantly, by 5 percentage points to 97.3 points, against 102.3 points in July.

The business sentiment index in the euro zone, published separately by Brussels, also fell for the sixth straight month to $ 0.07 against 0.44 points in July.

Yesterday on Wall Street indices ended the session up 2.2% for the Dow and the Nasdaq 3.3% driven by the consumption figures in the United States. Asian markets followed suit with their American counterparts. In Tokyo, the Nikkei was up 1.22% to 8959.75 points while unemployment is again on the rise for the second consecutive month in July and that retail sales fell by 0.3% from June

The correct orientation of financial markets has boosted oil prices.Asian markets, the Nymex is trading at 87.49 dollars, he finished in 87.27 dollars in New York, up $ 1.90 from Friday. Brent crude traded him to 112.17 dollars.

On the front of the foreign exchange market, the euro fell slightly against the dollar, below $ 1.45, to 1.4392 dollar.

Fears about the health of banks

The day before, call to order by Christine Lagarde bound for European banks has prompted European leaders to defend the institutions of the old continent. "European banks are much better capitalized today than they were a year ago. This was confirmed by stress tests conducted in July, "assured the Commissioner of Economic Affairs Olli Rehn.

But on Tuesday, it was the turn of the International Accounting Standards Board (IASB) to throw fuel on the fire.The IASB believes that the provisions made by banks and European insurers about their exposure to Greek debt have been dumped, reports the Financial Times. According to the newspaper, BNP Paribas and CNP Assurances are particularly concerned by this risk. BNP Paribas was down 0.45% in mid-session at 34.24 euros and CNP Assurances does not earn more than 0.20% to 12.35 euros.

When asked, BNP Paribas said that it had "pre-funded its exposure to Greece in full agreement with its auditors and the competent authorities, according to the plan drawn up by the Union on July 21" to help Greece, according to a spokesman .The bank had said on August 2 had provisioned 534 million euros to compensate for lost value of Greek bonds.

For its part, the CNP said it was "in line with the agreement of July 21," which provided the threshold of 21%, "validated by our listeners no teletrack payday loan."

Also Tuesday, the president of MEDEF, Laurence Parisot, in turn criticized the words of Christine Lagarde, saying his statement "incomprehensible. European banks are strong. And for French banks, we must bear in mind that we have banks among the strongest in the world, "said the boss of bosses of Europe 1.

The International Monetary Fund (IMF) has also generally lowered its economic growth forecasts for 2011 and 2012, leaving unchanged the forecast of Germany for the current year.

Still on macroeconomic indicators will be out today. Before trading, the markets did not take umbrage at the publication of a fall, but strong early sales of new homes in the second quarter in France.

Are also expected in mid-day figures for business failures.

Overseas, the index of consumer confidence, the housing (Case-Shiller) and the minutes of the last Fed meeting will also facilitate the session.

Arcelor-Mittal is growing in Australia

On the corporate side, Arcelor-Mittal (0.45% to 14.41 euros) is about to take control of Australia's Macarthur, world's largest producer of pulverized coal, in association with the American Peabody Energy . The tender offer made by the European steel amounts to 5.16 billion dollars.Macarthur's management finally yielded to the new offer revised upwards by the Arcelor-Peobody tandem: it is 16 Australian dollars (11.8 euros) per share, against A $ 15.50 earlier.

The semi-annual publications are now many, especially among heavyweights rating. Note that the Y real, Havas, Bouygues, Colas, Vinci, Bollore, NRJ Group and Devoteam detail their half-year after the market closes.

In addition, Ipsen (8.62% to 24.05 euros) announced revenues up 5.3% in the first half.He also announced an upward adjustment of its sales forecast for 2011 in favor of a less pronounced decline than expected sales in general practice.

Hermès International climbed 1.86% to 263.35 euros before preparing to publiecation on Wednesday, excellent interim results, widely anticipated by the market after the increase last month by the group's growth forecasts sales and profitability. From January to June, sales of luxury brand famous for its bags and silk scarves were up 22% to EUR 1.3 billion, more than expected by analysts, according to data released in July .

The French shipowner CMA-CGM said that 2011 should be "a good year" for the group, claiming to have already funded the bulk of its investments for 2011 and 2012.The company said to have $ 1.7 billion (1.17 billion euros) in cash at the end of June, July and have paid $ 550 million bond line, while press reports evoked ago few weeks of possible cash flow problems.

ALSO READ:

"The Cac 40 erases its losses the last two sessions

"Wall Street continues its rebound

Bank: call to order de Lagarde

Declarations of Christine Lagarde at the Jackson Hole conference in the U.S. have caused confusion. Concerned about the deteriorating global economy, the executive director of the International Monetary Fund said before the central bankers that European banks' need urgent recapitalization. " The former economy minister added: "This is the key to cut the chain of contagion."

Thus, for the IMF, "the most efficient would be a substantial recapitalization mandatory European banks with private funds in the first place but also of public funds if necessary." Christine Lagarde has called for research by the policies of a common vision for the future of the continent.

But the executive director of the IMF gave no indication about how to get there.Thus, Sebastian Bartholomew, credit analyst for Louis Capital Markets believes that the statements of Christine Lagarde is "a call to order IMF but do not provide concrete solutions." The specialist also wondered what private funds would be inclined to give money to banks, "who wants to bring money to the banks unless the States?" Support from private funds, wanted by the former tenant Bercy seems to be excluded.

Regulators want details

Thus, fearing that such a disadvantage about the banking sector already affected by the stroke of tobacco stock this summer, some regulators would consider asking the IMF chief to clarify his remarks, reports the Financial Times.Indeed, while Europe is mobilizing to try to reassure investors on the health of major institutions of the old continent, reports Christine Lagarde could undermine their efforts credit reports free. The stress tests were particularly aimed at reassuring the financial community. French Banking Federation (FBF) was also stressed that French banks "have passed the stress tests in July European and ACP, the national supervisor, performs regular checks to ensure the smooth operation of banks' .

As such, the FBF reiterated this morning that the French system has full confidence. The Federation reiterated, like what she wrote on August 19, that 'capital levels are well above regulatory requirements and programs for refinancing in the medium and long term are conducted under conditions quite satisfactory. "

And the banks themselves have reiterated they do not need to raise new money. In early August, to mark the publication of its results, Societe Generale has reiterated that it has strengthened its financial strength, and for BNP Paribas. August 25, Crédit Agricole has also sought to reassure. The bank, whose accounts the second quarter suffered a heavy burden to Greece, said it had to end in July of more than 120 billion of liquid reserves immediately available. Jean-Paul Chifflet, general manager of the bank, had also told the BBC: "We have no difficulty in funding us."

In exchange, banking stocks are holding up well CAC40.Credit Agricole advance of 1.1%, 1.3% BNP Paribas, Natixis and Societe Generale 1.7% against an increase of 1.3% for the CAC 40.

ALSO READ:

"Greece is less than expected in the Crédit Agricole

"Chifflet:" We have no difficulty in funding us "

"Obama, Lagarde, Bernanke for another stimulus

Free attack frequencies 4G mobile

Back from holiday, the State Council will settle a sensitive issue: that of 4G mobile radio frequencies, auctioned by the government. The decree, signed June 1 by Eric Besson, Minister of Industry, is already the subject of three appeals to the supreme court, each time for different reasons.

According to our information, took the Free State Council on the grounds of discrimination arising from immediate payment of licenses. Clearly, the group founded by Xavier Niel challenges the accepted methods of payment, which would contribute to groups with deep pockets compared to smaller players. A hearing is scheduled for Free August 30. Contacted, the operator declined to comment.

The union CFE-CGC Orange contests, too, this decree, as Le Figaro had revealed early June.He has since joined the union in its approach national telecom SNT-CGC, representing employees of private operators SFR, Bouygues Telecom and Free, but the federation of metallurgy CFE-CGC, representing employees of suppliers such as Alcatel or Sagem. Their common folder was filed Aug. 16 in the litigation section.

Interference of DTT

The angle of attack is different unions accuse the bidding, among others, of not taking sufficient account of the criterion of employment and require a location clause jobs in France. The appeal challenges the "non-compliance with employment goals assigned by law to the Minister and Arcep and discriminatory treatment under the DOM in violation of constitutional principles of equality of citizens and uniqueness of territory, "said their lawyer Anne-Solène Gay YGMA cabinet flexcheck cash advance.The third appeal was, himself, was filed in early July by Bouygues Telecom, this time on the grounds that the 4G does cause harmful interference and blur the TNT television in 20% of households. "This interference will have a major impact: TVs will not work, it will be black screen. TV makers should take into account now. That the State to determine precisely the measures to be taken ", had explained to Le Figaro Roussat Olivier, CEO of Bouygues Telecom. The bill to address the problem arising between 500 million and 1.7 billion euros, according to Bouygues Telecom. Asked yesterday, the group, which seized the State Council on June 24, had not received any feedback yet.

This file is a sensitive issue for the government, which has removed the minimum frequency of 2.5 billion euros for the state budget.For Eric Besson, the tender is "balanced", encourages competition and land use, while promoting the best heritage of the state.

New stage of the digital revolution, these frequencies are strategic for 4G operators. 4G should help relieve the current mobile networks and provide new services by multiplying by 50 the flow of the mobile Internet. Deadlines are tight now, because the operators must first submit their application before September 15.

ALSO READ:

"Telecom: 2.5 billion for licenses 4G

"4G: operators consider the auction complex

"The bidding on licenses 4G attacked

"4G: Bouygues Telecom before the Council of State

Box: Internet may not be unlimited

Surf the Internet at home while monitoring its consumption. The 64% of French people connected to broadband Internet via a box, are not used. Yet they should consider this option. According to an information site Owni, operators in considering the effect of limiting access to the fixed Internet to deal with a network saturation.

The thinking has already begun by the operators, with the French telecoms and consumer groups. The idea of ​​a limitation of the offers is suggested in a paper dated July 21, which summarizes the ways to implement for better consumer information. Attached to this document is an example of a table summarizing the supposed best offers.It shows, by type of household equipment ADLS (zone bundled, unbundled or very high speed), the boxes in which the operator must notify the "IP flow up to the offer," "the ceiling of consumption" and the consequences of exceeding the ceiling and a limit of downloads per session.

As the mobile

Operators could then be applied to the fixed Internet connection limits already in force on smartphones, which also apply to the sector to be regularly singled out by consumer associations. On equipped mobile Internet, the connection itself is seen as limitless is slowed or blocked depending on the offers, beyond 500 megabytes (MB) or 2 gigabytes (GB).The operator then offers to large consumers to buy a new block of bytes.

The reason given for the application of these methods is also fixes the same as for mobile phones: network saturation. In the July 21 document, a paragraph that mentions the need to ensure "continuity of service for all users, not financially penalize heavy users" alludes.

French operators and want to learn from the Internet Service Providers UK and U.S. have already implemented this system. United States, Time Warner, Comcast, Verizon and AT & T offer a connection often capped at 250 GB per month, customers finding themselves obliged to monitor their connection counter to avoid unpleasant surprises.

"Unacceptable"

If operators say consumer groups adhere to their thinking, the most virulent of these, UFC Que Choisir, insane. Edouard Barreiro, in charge of digital within the association, cited by Owni said already that "this decision is unacceptable." According to him, "limit on the fixed Internet has no economic justification, he says. Fixed costs do not vary with consumption of users, or very little. Operators are seeking to extort money from both sides: first, content providers like Google and consumers. Traders feel all powerful. " Arcep, the telecoms regulator, was also described this change as "bizarre".

In turn, a spokesman for Orange, Jean-Marie Culpin, stick to his guns. "There are some packages on which we could put the thresholds," says he Owni.But he admits that this strategy is for "people who download movies all day" but is instead "an unacceptable impact if more customers." Proof is that reflection is not yet stopped.

ALSO READ:

"Free plays the card of" low cost "in Alice ADSL

"Unsubscribe ADSL and mobile: not so simple

Tour of Europe's austerity plans

In an attempt to reassure the debt crisis, the austerity is accelerating in Europe. States as markets in the sights they will have to convince the date of 2013 to bring their deficit below 3% (a year later to the country under the rescue plan), as agreed with the European Commission . The great unknown is the impact on growth, with figures for the second quarter are published on Tuesday in Brussels.

Italy

Rome adopted Friday a drastic austerity plan to recover 45.5 billion euros by 2013, based in particular on tax increases, massive loss of seats of local administrations and combination.

For the first time, a solidarity tax on the highest incomes was introduced, up to 5% for incomes over 90,000 euros per year and 10% in excess of 150,000.Parliament had already voted in July an austerity plan of 48 billion euros over three years. But Italy has no choice its massive debt (120% of GDP) in place at the forefront of possible victims of the debt crisis. The surge of his bond yields to record levels last week had forced the ECB to redeem itself from the Italian debt in exchange for strict conditions on the hardening of austerity.

Sunday, the president of the European Council, Herman Van Rompuy, welcomed these measures "critical" for Italy, but also "for the euro area as a whole."The Europeans know that, after the bailout for Greece, Ireland and Portugal, the fall of Italy would push the euro into unknown territory paydayloan.

Spain

Seen as another weak link by investors, Madrid about to vote in late August a tightening of discipline, to bring back 4.9 billion euros in additional funds. This new turn of the screw completes the plan adopted in 2010 drastically to save 65 billion over three years.This time, it is health insurance and big business that would be utilized.

Greece

Athens, whose budget woes have catalyzed the debt crisis, the end of June adopted an austerity plan providing for severe savings of 28.4 billion euros in 2015 (divided equally between tax increases and decreases public expenditure) and a wave of privatizations to bring 50 billion euros. This was the condition imposed by the IMF and the European partners to unlock their help.

Portugal

Lisbon, also forced a bailout, wants to go beyond the expectations of international donors. To counter any slippage in public finances, the government announced in July drastic measures: special tax of 50% of the fourteenth month of incomes above the minimum wage, increase in VAT from 6 to 23% …These cuts are in addition to a package (15% increase in transportation rates, primary school closures …) has already been decided despite their unpopularity.

ALSO READ:

"Depression: the common front Sarkozy-Merkel

"Merkel faces a sharp political debate in Germany

"SPECIAL – Depression, fear of debt

The United States lost their "AAA" rating

The penalty was expected but it still sounds like a shock. In the night from Friday to Saturday, the rating agency Standard and Poor's (S & P) has dared to lower the rating for government debt of the United States, and deprived of their "AAA" for the first time in history . S & P said in a statement it had degraded to the next level this note, the best possible, to bring it to 'AA +'. It also lowered its outlook to "negative", which means that Standard and Poor's believes that the next time the note will change, it will be to be devalued again. The United States were rated "AAA" by S & P since the creation of this agency in 1941.They remain in the other two major agencies, Moody's Dean (since 1917) and Fitch Ratings.

Standard and Poor's, which had warned in April that it was considering lowering, justified its decision with "political risks" to see the country taking insufficient measures against its budget deficit. For her, the political debate on these issues is not up to the problems caused by a debt of more than 14,500 billion. "The plan for balancing the budget on which Congress and the Executive have recently agreed is insufficient compared to what, in our view, would be needed to stabilize the dynamics in the medium term public debt" said S & P, citing the law known as "control the budget" passed Tuesday.

S & P is the second rating agency to downgrade the American note, after the Chinese – less powerful – Dagong.Other – mostly American and French Moody's Fitch – are currently at Triple A.

The U.S. public debt to more than 100% of GDP

The first power of the world is, well, so sure before. The United States and joined Japan, Spain and Ireland have lost that status envied payday loan lenders. The loss of this seal of excellence is expected brutal impact on the financial markets, difficult to imagine right now. But while the financial world is upside down, the risk that markets continue to dive is high. The announcement of S & P comes in effect when the markets were closed for the weekend, closing on both sides of the Atlantic one week black.

China, by far the world's largest creditor United States, found that she had "every right now to require the United States to address their structural problems of debt."Second World holder of U.S. debt, Tokyo assured him that his confidence in the U.S. Treasury and its strategy of purchasing these bonds were unchanged. In France, the Minister of Economy Baroin reiterated his "total confidence in the strength of the U.S. economy."

Two days ago, the U.S. debt has passed a symbolic milestone. Because it exceeded the threshold of 100% of GDP, just after raising the debt ceiling by Congress. The United States saw their public finances sealed by the harsh recession that crossed their economy from late 2007 to mid-2009. Since then, economic growth has returned, but they are not able to restore the health of their public finances. According to estimates by the International Monetary Fund, they should acknowledge this year, with about 9% of GDP, the highest budget deficit of the G20 countries, except Japan.It is sixteen countries rated "AAA" by Standard and Poor's, four of the G7: Germany, Canada, France and Great Britain.

(With AFP and Reuters)

ALSO READ:

"Why the threat of recession resurfaced

"The world as seen by the rating agencies

"The agency Fitch confirmed the triple-A U.S.

"The U.S. debt above 100% of GDP

Wall Street down before the Senate vote

Wall Street starts again in the red on Tuesday. In early trade, the Dow Jones lost 0.57% at 12,063 points, the Nasdaq 0.51% to loose 2731 points and the S & P drops 0.69% to 1279 points.

The opening is dominated by pessimism as consumer spending of U.S. households fell against all odds by 0.2% in June, posting their first decline since September 2009. Economists surveyed on average expected a rise in expenditure of 0.2%.

The expected green light from Senate Tuesday evening

Concerning the agreement on raising the debt ceiling, the doubts persist. "Some have pointed to the fact that the rating agency S & P claimed four trillion dollars in deficit reduction over 10 years against only 2.5 trillion currently being negotiated by members, analysts said Aurel BGC.Maintaining the "AAA" is far from being elected … Many skeptics have left open the possibility of adoption of this agreement by the Congress. "An expected adoption tonight. The Senate must decide, in fact, after the House of Representatives that preceded it from that Monday night.

"I think the show we attended in Washington, a significant number of parliamentarians of this country leaving the threat of a default, really made a lot of damage to the confidence" of investors in the economy American, for his part, said U.S. Treasury Secretary, Timothy Geithnern, on ABC.

Oil side, the opening of the Nymex, oil prices melt, due to poor statistqies the day, who fear a future decline in demand.To 15 hours, a barrel of "light sweet crude" for September delivery was trading at 94.36 dollars, down 53 cents.

Results of companies to follow the corporate side, several major publications are planned this week, starting on Tuesday by Pfizer (-1.05% to 18.81 dollars). The group released better than expected earnings for the second quarter, the jump in sales of animal health products offsetting lower sales of drugs, the heart of the business group.

Google (stable at 606.71 dollars) this weekend began testing a new service, "Google Hotel Finder", dedicated to finding hotels. Positioned competitor specialized sites like Hotels.com "Hotel Finder Google" is used to search the dates of their choice, depending on the number of stars of the institution and the average scores given by customers.

Hewlett-Packard (-0.48% to 35.03 dollars) has decided to drop now $ 50 U.S. price of its new tablet, the TouchPad. This rate adjustment, presented as a promotion valid until September 10, is valid until September 10.He places the version of the tablet features a 16GB storage to 449.99 dollars, and the 32 GB to 549 dollars, just one month after the beginning of the commercialization of TouchPad.

Coach (-4.72% to 62.31 dollars), a leading U.S. brands of accessories, recorded a jump of 24% of its annual net profit in 2010-2011 (year ended July 2) at 881 million dollars, and expected to grow over 10% in the future, according to a statement released Tuesday.

Hyatt Hotels (1.96% to 39.52 euros) announced earnings for the second quarter better than expected, while saying he intended to open a number of "significant" new hotels in the future.

GM (-0.79% to 27.87 dollars) reported Tuesday a 7.6% increase in sales of vehicles in the U.S. in July, thanks to strong sales of Chevrolet, the one of the leading brands of the manufacturer, and the good performance of new models.

Raids by giants of video games on small publishers are ongoing. After the announcement of a Memorandum of surrender by PopCap Games Electronic Arts (0.32% to 22.02 dollars) and the acquisition by Zynga a mobile games publisher in Canada, is the Japanese Sony which went on the offensive by offering Sucker Punch. The American development studio publishes games for consoles, the PlayStation family, including "Sly Cooper" (PS) and "inFamous' (PS3).The amount of the transaction were not disclosed.

Amerigroup (7.47% to 51.65 dollars) is expected to jump at the opening, title, earning more than 5% in electronic trading before the opening of Wall Street. The group of health care services announced yesterday it has won a contract to develop its business in Texas.

Lessons learned from the accident of the AF 447

The report was eagerly awaited by the victims' families as well as the entire aviation industry. The Bureau of Investigation and Analysis (BEA) released Friday its third report on the crash investigation of Flight 447, the first after the study of black boxes fished in the spring in the South Atlantic. This report confirms all the information published on Thursday evening lefigaro.fr. It is a mistake of the crew due to icing of the Pitot probes that resulted in the dropping of the device and fall into the ocean. The report describes a crew where responsibilities were not clearly defined between the two co-pilots and in the absence of the captain gone to rest pay day loans. At first the captain, there has been no "explicit distribution of tasks between the two co-pilots."It is then that pilot error was caught, inadvertently, the altitude at the aircraft, did win (lose lift) and then drove down to the ocean. The findings of the BEA is overwhelming for the crew of Air France. "Neither pilot refers to the stall alarm" that sounds, however, continuously for 54 seconds, and "neither pilot formally identified the dropout situation."

The player is used by default in the articles of figaro.fr. Maj7

Greece: the banks would all be taxed

Europe is exploring all options to rescue Greece. Thus, the governments of the euro-area floor to the creation of a new tax credit to save the finances of Greece, according to the German daily Die Welt. This tax would apply to all institutions, even those who are "not directly involved in Greece," wrote the German newspaper, citing senior diplomatic sources, involved in the case.

And private sector rescue of Greece would not stop there. Banks will also be put to use to buy Greek bonds, Die Welt wrote, without giving details on the form that such involvement.

Inspiration German

The inspiration may have been drawn in Germany. The country will charge, this fall, a tax on the profits made by banks.The result of this tax into a fund that will support aid to financial institutions of the country considered strategic if next crisis. This tax should bring in less than a billion euros a year to the fund and should eventually have a volume of 70 billion euros. In detail, the large diversified institutions, like the first German bank Deutsche Bank, will pay more than small savings. The levy will be capped at 20% of net profit.

The question is whether this idea will be adopted at the Special Summit of the euro zone expected Thursday in Brussels. The bloc meet urgently to complete a new plan to help Athens. The International Monetary Fund will not participate in new rescue package for Greece, says Die Welt.According to the German newspaper, "many people have the IMF in ras-le-bol" and seriously doubted that Greece can carry out and the time-saving measures planned.

ALSO READ:

"Europe wants to stop the panic before the holidays

"A crucial summit on the future of the euro

Ways to get paid more than the CAC 40 companies

More companies are large and they carry less of the corporate tax. A fact known and already singled out by the board of tax and the Treasury, but on which a report of the National Assembly published on Wednesday by MP Gilles Carrez sheds new light.

Comparing the amounts paid under the corporate tax (IS) for all companies in France, the general rapporteur of the budget to the National Assembly was able to quantify the difference in tax burden between small businesses and the largest. "The real tax burden borne by small firms is 20 points higher than for large groups," says Gilles Carrez on Wednesday in Les Echos. A "drop that occurs across large groups internationalized," said the rapporteur.

The corporate tax paid by large groups of the CAC 40 is in fact much lower than that paid by SMEs. For four of them, it was even zero between 2007 and 2009, the report quoted by Les Echos. 10 billion euros in total was paid by the CAC 40 companies between 2007 and 2009 for the SI, including tax credits. Is, 86 million per group per year, representing only 0.4% on average of their turnover in France. The four companies which the state is a shareholder (France Telecom, EDF, GDF Suez and Renault) will make an exception, with a gross rate IS 40%.

Enclose tax loopholes

Gilles Carrez explains this differential taxation depending on the size of the company by the existence of tax loopholes that benefit large groups mostly internationalized.This is the deductibility of financial expenses from taxable income or the deferral limit deficits. These groups' benefit, legally, the opportunities available to them: the maximum charge in France expenses related to foreign operations, "expatriate" certain products under activities carried out in France, "said Gilles Carrez.

To avoid a stagnation of revenues SI "to a lower level than pre-crisis", the rapporteur suggests a framework for these tax loopholes enjoyed by the full CAC 40 companies. "Why not cap the financial expenses deductible, as are the Germans? It would be a kind of IS minimum. We could also return certain products, "he recommends.

According to Les Echos, the Elysium is the least prepared, as part of Budget 2012, a time limit on the deferral limit deficits.The regime of worldwide profits, which benefits mainly to Total and Vivendi could also be questioned. A debate that could beat its full part in the presidential election.