A week after the breakthrough achieved on supervision, Europe barely move on the financial tax. If the principle of a levy on banks seems established, the idea of a levy on financial transactions – or Tobin tax – continues to raise doubts.

Proponents of the idea of taxing financial transactions, Germany and France have once again found Tuesday lack of consensus on the subject with their partners. "It's technically feasible, practically difficult, politically and financially desirable random," Christine Lagarde summarized the outcome of a meeting of finance ministers of the Twenty-Seven, in Brussels.Lagarde and her German counterpart Wolfgang Schauble, had written in July to the Belgian Presidency of the European Union to put the idea on the carpet, after the collapse of talks on the subject during the last G20 Toronto in June

Relocation outside Europe

Austria Tuesday reiterated his support for this initiative. Others were less enthusiastic. "We do not want new taxes on transactions," he assured the Swede Anders Borg. "This could be detrimental to revenue," he added, while expressing concern over a possible relocation of financial activities outside Europe.Sweden speaks knowingly to have been the unfortunate experience of a tax on financial transactions in the 1980s, established unilaterally and that caused a leak of the undertakings concerned payday loans.

In more measured terms, the Spanish Finance Minister, Elena Salgado, has also expressed its doubts on the subject, because of "great practical difficulties of implementation. The Commission itself has expressed reservations on the "feasibility" of this tax, in a preparatory document for Ecofin.

Coping is common but essential if France wants to bring this matter again when it takes the head of the G20, in November, and persuade the United States, Canada and China.In August, Nicolas Sarkozy had set ambitious goals for the presidency of the G20, by announcing three major projects (regulation of the commodity market, exchange market reform and global governance).

The tax credit is a subject more consensual, Europeans are agreed on the principle in the spring. But, again, differences remain on how and disposition of proceeds from this tax. France in particular refuses he is assigned to a resolution fund and requests that the proceeds go directly to the state budget.

The Commission, meanwhile, has made proposals on modalities, by requiring that the basis used is "the liabilities of the institution of deposits and capital, and that the fee be imposed by each Member State on institutions it supervises and its subsidiaries operating abroad.

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Vivendi is now, for the entire fiscal year, "adjusted net income higher than last year, 5.39 billion euros, before a planned maintenance of its adjusted net income. Moreover, management now expects "growth in adjusted operating income", he anticipates a "slight growth" in the figure above.

The boss of the group, Jean-Bernard Levy, said the renewed optimism by "excellent operational performance" of the three recent acquisitions GVT, Activision Blizzard and SFR fixed. The group has "raised the prospect of each of them."The officer added that "TVG is this year and in the future, a significant growth driver and we are accelerating investment. The result shows an affiliate growth and profitability "very top of the business plan of acquisition," said Vivendi. Vivendi has raised the forecast of the Brazilian fixed phone operator now anticipating an increase of 34% of its turnover and 44% of its adjusted EBITDA, and 35% against 29% previously.

Increase in net profit for the half

Another reason for satisfaction, the group unveiled interim results above expectations. Adjusted net profit stood at 1.53 billion euros, up 4%, while analysts expected a slight decline. Vivendi also recorded a net profit of 1.267 billion euros against 1.188 billion in first half of 2009.The adjusted operating profit (EBITA) up his part of 11.9% to 3.24 billion euros, against 3.11 billion expected by professionals. The group was supported by the results of its video game subsidiary of Activision Blizzard and those of French telecoms operator SFR and GVT Brazil.

As for revenues, it amounted to 13.9 billion euros in the first half, up 4.8% at constant exchange rates, while analysts had forecast on 13760000000, by consensus quoted by CM-CIC Securities.

In addition, the group said it will pay a dividend of 1.40 euro per share for fiscal 2010, as he did in 2009.

After returning to the equilibrium time, the Dax reassigns 0.13% in mid-day.The London FTSE follows the same path (-0.16%) after starting in negative territory (-0.10%) followed again by a brief rebound.

New indicators are expected in the United States, in addition to the unemployment figures in France in July. The real estate overseas, thermometer world's largest economy, will still be in the spotlight with the publication of the FHFA index of house prices and numbers of new home sales in July, which could rebound slightly. Before the opening of Wall Street, markets will also monitor the numbers of orders for durable goods last month, which could also not be bad.

On Tuesday, bad sales figures for housing (the lowest since 1995) had affected the Parisian index plunged below 3,500 points with a drop of 1.75%. This Wednesday in Asia, fears of a relapse of the new global economy have sealed the evidence.Wall Street had already set the tone with a fence net decrease of 1.32%.

As for currencies, the euro has stabilized against the greenback. The euro traded at mid-day at 1.2662 dollar payday loan no fax.

Edenred unscrews

In terms of values, many trucks will publish their results quarterly and half in this weekend.

Lagardere takes the lead, up from 3.94% to 29.045 euros. The title is supported by Exane noted that his opinion of "Underperform" from "Outperform." The target price has been raised from 35% to 35 euros

Edenred, the old branch of prepaid services group Accor became autonomous, has reported an operating income of 155 million euros in the first six months of the year, down 7.1% .Turnover rose 3.8% to 461 million. But the group is very conservative forecasts, the growth in issuance volume yet to be affected by rising unemployment in Europe. The securities were down 0.22% to 13.78 euros.

L'Oreal (0.90%) and Sperian (+0.09) will publish its first half results after market close.

The Polish government has shortlisted five offers to buy the 51% stake in state power company Enea on Tuesday said the Treasury Department, without specifying the identity of candidates. EDF (-0.44% to 31.63 euros) and GDF Suez (-0.80% to 24.32 euros) would be in the running according to media reports. Only EDF confirmed it had made a preliminary offer.

Scor (1.91% to 16.285 euros) has been a change of recommendation by Fitch.The broker has raised its outlook on Tuesday its debt rating of reinsurance group to "positive" cons "stable" and kept at "A" rating from its long-term debt of the group. Fitch said the decision including the prudent investment policy conducted by SCOR and the diversification of its risks.

The shortfall of the state would it 2.35 billion euros a year on some 130 billion collected last year under the VAT.

Disagreement on Figures

As for salaries, increments and other benefits provided under the industrial agreement signed by the five trade unions and three of five business organizations in the sector would reach one billion euros accumulated since March 1, date of application the agreement saving account payday loan. Some 21,700 jobs have also been created, the government said. This figure is disputed by the union FO who believes him, he must subtract the 15,000 net new jobs recorded on average each year for ten years in this industry.

The measure would also have saved 25000 companies, nearly one third of the 80,000 restaurants in trouble before the reduction in VAT, as the specialist firm Gira Board.

Second lowest rate reduced

Twelve countries now have a reduced VAT on food in Europe. Since the authorization granted in 2009 by the European Commission. Only France and Belgium have taken the plunge. On 1 January 2010, Belgium has lowered its rate of 21-12% in food, drinks. Before the green light from Brussels, ten other member states had historically lower VAT in restaurants. With a rate of 5.5%, France has the second highest in the restoration reduces the lowest in Europe, just behind Luxembourg (3%).

However, Christine Lagarde, Minister of Economy, warned Friday that gas prices will not move until 1 January. Consumers will escape upwards so that additional sketched already by 1 October – the price revision is now making quarterly.

The "pause" as required by the Minister is made on behalf of a review of the formula currently allows GDF Suez to calculate its rates. In spring, the regulator had already begun an audit. It will therefore continue, before the drawing, probably new method of calculation.Knowing that GDF Suez is currently conducting a number of renegotiations with producer countries. "I hope that the CRE do an audit of this formula because I'm quite surprised at the speed of execution and I wish that as a result of this audit, we determine if the formula is good," said Christine Lagarde Friday on France Inter.

"The current tariff is not obsolete, but it can be optimized," says one expert dossier.In discussion, the long-term contracts underlying the supply of GDF Suez (with key suppliers such as Russia, Algeria and Norway), while the spot price of gas fall very weakly into account in calculating the formula.

The government takes the hand

"On a more general issue is whether to continue to index the price of oil on gas prices, even though overproduction of gas worldwide has resulted in a fall prices, "says one expert. However, increased consideration of market prices in the establishment of the formula may increase the volatility of rates. In all cases, the balance is difficult to find.

For the government, the record price of gas remains thorny.Early this year he thought he had found a solution by entrusting exclusively to the regulator, on the proposal of GDF SUEZ, the task of settling. But after two significant increases in quick succession, the government, well aware of the unpopular side of the increases among the public, are now forced to return to the game

Then there is the son, or more precisely the fourth son of Rupert James, now considered the likely successor to his father as head of News Corp.. Teenager James was known for his rebellious streak: bleached hair and piercing in the eyebrow, he distances himself from the family way, left Harvard in 1995 and created a hip hop label, Rawkus. After three years, the company, which generates an annual profit of 2.5 billion, was acquired by the company of Dad. James, suddenly sobered, is back in the family fold.

He became head of operations at News Corp. Internet without much success, then the satellite television network that makes Asian StarTV beneficiary. In 2003, his father appointed him director general of the British operator of satellite TV BSkyB.Quelques years later, he left his office to become chairman of BSkyB. James needed so as the most likely heir to his father. The two men are close, they called even daily according to the BBC. The Financial Times also reported an incident in April when James Murdoch, furious, entered the premises of The Independent in storming the cons of a newspaper stating: "Rupert Murdoch does not decide the outcome of the election – it is you who will.

Battle between BSkyB and News Corp: James is at odds

Today, James Murdoch is in a difficult position, combining the positions of chairman of BSkyB and Director of European and Asian operations of News Corp. payday loan. The group led by his father now wants to take full control of BSkyB which it already holds 39% shares. Last week, Newscorp has offered to buy the remaining shares at a price of 675 pence per share. It has raised its offer on Tuesday by offering 700 pence per share. The cost for Ruper Murdoch thus amounts to 7.8 billion pounds (about 9.4 billion euros), valuing the entire company at 12 billion pounds (14.5 billion euros) .

BSkyB has however rejected the offer, saying it significantly undervalues the company.In a statement, the British operator admits however that "an offer from News Corp. could serve the future interests of its shareholders" but said he would only accept a superior offer to 800 pence per share.

According to the Financial Times and the Daily Telegraph, James Murdoch would be steering clear of discussions of the board of BSkyB's offer of his father. The FT noted that "take full control of BSkyB would strengthen the business of James Murdoch is the corner of the empire his father knows best as a former CEO of satellite operator.

Following the announcement, as BSkyB jumped to the London Stock Exchange: just before 15h, action gained 19.40% to 717 pence. This surge up the operator above the purchase price offered by its parent.

On Friday, the CAC 40 gained just over 1% to just over 3555 points. On Wall Street, the Nasdaq has also allowed U.S. markets finished the week on a positive note.

After the month of May especially murderer for the whole compartment, investors believe that European markets are undervalued and therefore, that good things are done.

On the foreign exchange market, the strengthening of the euro was confirmed this morning – it is trading at 1.2183 dollars against 1.2077 on Friday. The euro is closer to $ 1.22 in the wake of the stock market, and good resolutions are shown in deficits on both sides of the Rhine, pending the meeting between Merkel and Sarkozy, this evening after the meeting you missed last Monday .

Values follow

Club Med

The group has announced the official name of the Chinese investor who took 7.1% stake in the leisure group, the group Fosum.

Societe Generale

The bank puts his hand on the CMS for a peuplus 870 million euros.An operation that was in the pipes for several weeks and was formalized this morning before the opening of the Parisian market.

Axa

The insurer has confirmed the sale of part of its life insurance business in the United Kingdom. The buyer, the group Resolution, is prepared to pay 3.3 billion euros to get their hands on this activity. Axa will keep activities damage, life insurance and individual savings.

Renault

The automaker is expected to benefit from information delivered over the weekend by its Russian partner Avtovaz plans to return to the green this year after heavy losses in 2009. The first constructor Russian head out of the water, enjoying the scrappage.

The institution would, according to the FCIC, responded voluntarily incomplete and unsatisfactory to queries. Members of the Commission indicated that, after having asked some very specific, it had received investment banking unreasonable volume of documents, nearly 2.5 billion Web pages without an index, which does not meet questions."Our view is that they were very unhelpful, they do not provide us the documents we requested," said its chairman Phil Angelides.

The leaders of Goldman Sachs categorically deny these accusations. A spokesman for Goldman Sachs said the bank "continues to provide the information requested FCIC.

Goldman Sachs has managed to earn 3.7 billion dollars in betting, starting in 2007, the collapse of the mortgage-market. In doing so, the giant Wall Street acted against the interest of some of its customers, which it sold securities that he knew "toxic". This is the conclusion, after months of investigation, the Permanent Subcommittee on Investigations of the U.S. Senate.

Tuesday, during public hearings stretched on Capitol Hill, Lloyd Blankfein, the head of the giant Wall Street, has categorically denied these allegations."We do not speculate massively downward in the housing market and we certainly do not bet against our clients," he was forbidden under the spotlight, saying that even on the mortgage-market, Goldman Sachs has lost about $ 1.2 billion in 2007-2008.

"Nobody in the management of Goldman Sachs has never asked me to bet on a decline in the subprime market," added before skeptical senators, Joshua Birnbaum, the former head of structured products of the bank, also on the bench defendants.

Convinced otherwise, armed with emails and internal documents seized in the bank, the debonair Senator Carl Levin, glasses pavement at the end of his nose, led a determined assault Tuesday. But the chairman of the committee was confronted with a wall.He vainly tried to tell the past and present officials of Goldman Sachs called before him (including one French employee), how could they believe in the quality of debt issued by mortgage lenders whose reputation was terrible. Receivables classified as "business of shit" in an email exchange between two bank officials. "How many of these" affairs of shit "did you sell to your customers? asked, exasperated, Senator Levin. You've sold hundreds of millions. "

Bankers Daniel Sparks and Michael Swenson, impassive without being arrogant, but obviously confident of the merits of their point of view, seemed not to understand or what they asked or what they were charged.They also questioned the methods of calculating profits of Goldman Sachs selected by the committee.

Battle of Senate proceedings

According to Senator Levin, the investment bank has yet actually decided in late 2006 to a major cleanup of its accumulated risk on securities backed by the real estate markets whose collapse loomed. By discipline, to limit its risks and if possible in the hope of profiting from the trend, the bank had sold to investors and deliberately chosen for their credulity his titles too "toxic"."We have not been systematically and significantly" net short position "on derivatives of residential mortgages in 2007 and 2008," replied Lloyd Blankfein.

Meanwhile in the Senate floor, Democratic leaders and Republicans arguing over procedural votes before engaging in substantive debate on the reform of Wall Street. The Conservatives want by all means restrict the scope of Democrat Bill before it is submitted to a plenary debate in the room. A compromise is always likely, because both parties want to correct the excesses that precipitated the financial crisis.But the Republican minority wants to take his time, while Democrats want to take this case Goldman Sachs to prohibit such banks with access to the discount window the Fed to speculate on their own account.

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"These forces will be assigned to keep the front of compensation to avoid a bug as in 1993" and "coming as reinforcements in the regions most vulnerable," said Laurent Wauquiez front of the Journalists Association of Social Information, stressing that "these reinforcements are designed to help us get through the crisis." Asked about the financing of its additional measures, the Secretary of State has estimated the budget sufficient employment center to fill them.

Merging ANPE-UNEDIC occurred against all odds in economic crisis has created a very tense social climate in the new public. To cope with the influx of job seekers – 80,700 salaried jobs have been destroyed in the third quarter of 2009 according to latest figures from INSEE – CDI hires in 1840 and 1000 or hiring in fixed-assisted contracts have already been made since early 2009.