Cameron mocks Sarkozy's Tobin Tax

With this measure unilaterally decided by France, the UK will host "several French banks," mocked the British prime minister Monday. Meeting between David Cameron and Nicolas Sarkozy at the Elysee December 2, 2011. <p> British Prime Minister David Cameron mocked Monday Nicolas Sarkozy's decision to unilaterally introduce a tax on financial transactions, believing that by this measure, the UK would host "several French banks." " / p> "I find it incredible that we can do this," said Mr. Cameron about Mr Sarkozy's decision to introduce this tax without waiting for its European partners. "As we fight for jobs and growth, do something that cost so many jobs seems extraordinary," he said during a press briefing on the sidelines of a summit of 27 countries of the European Union in Brussels. </ p> "And in a healthy sense of competition with France, if France a tax on financial transactions, our door is open and we can welcome UK banks and many more French companies, and our economy will grow, "Mr Cameron joked. </ p>" I am full of admiration for Nicolas "<p> While noting that they were disagree on certain issues, he described the French president as "remarkable man" and recalled their collaboration during the war in Libya. "I wish the best to my friend Nicolas," he added, in response to a question whether, as German Chancellor Angela Merkel, he would campaign for re-election of Mr. Sarkozy. </ P> "I am full of admiration for Nicolas. From time to time he said something with which I do not agree, as when he said that Britain has no industry, as we have an industry larger than France, "he said. </ p> M. Cameron was referring to comments made Sunday night by Mr Sarkozy during his interview broadcast by French television channels. "We can talk in the UK with pleasure, the UK, they have more industry", launched the French President. </ P> Relations between the two men are strained these recent months. The EU summit in late October had already been the subject of a frank explanation of them, M. Sarkozy irritated during a meeting that Mr. Cameron gave lessons to the euro area over the course of action. </ P>

Increase in grants, including Milan slight easing of interest rates in the long run Italian … Silvio Berlusconi's announcement he will leave soon to relieve the financial markets. The Italian prime minister Silvio Berlusconi

The markets applauded Wednesday morning the next departure of Italian Prime Minister Silvio Berlusconi, whose ability to recover the finances of his country were strongly questioned by investors. So much so that the pressure on interest rates threatened to kill Italian Italy asphyxiation.

In the wake of the Asian stock market, the European equity markets have in turn opened up. Italian interest rates at 10 years have slightly relaxed the bond market and oil prices climbed. The euro, however, was stable.

Paris and London and took a little over 0.8% at the opening.

"The risk appetite increases, investors favor cyclical stocks at the expense of defensive background of relief related to the resignation of Berlusconi," he told Dow Jones Newswires Justin Rooney, head of sales at CBA in Sydney.

The Italian 10-year rate is slightly relaxed: they amounted to 6.65% Wednesday morning in Asia, after reaching a day high of 6.77% in Europe. Before the announcement of the forthcoming resignation of the head of the Italian government, the 10-year rate had risen to 6.77%, a level unprecedented since the inception of the euro, slightly more than the previous record which dated from the morning same (6.73%).

Sanctioned markets and Italy for its policy and had considered lax in their sights the prime minister Silvio Berlusconi, seen as unable to apply the meusres rigor demanded by the European Union.

Unemployment up off again in September

Unemployment in France is left up in September after a slight decline in August, show statistics released Wednesday by the Ministry of Labour and job center.

The number of job seekers in category A (those who exercised any activities during the month) in France rose by 26,000 (+0.9%) last month to $ 2,780,500.

In one year, the number of unemployed in category A growing by 3%.

By adding the persons engaged in small (B and C), the number of job applicants sign an increase of 0.7%, or 27,600 more people in one month, to $ 4,175,800.On an annual basis, the increase for these three categories falls to 4.5%.

September was especially unfavorable for 50 years and older, an age in which the number of unemployed in category increased 2.1% over the month and 14.3% year on year.

It was also detrimental to the age of 25, since in that category, the number of unemployed increased by 0.6%. On a year, however, declined 2%.

Barroso wants to end the unanimous vote in Europe

The President of the European Commission wants to generalize the majority vote, while Slovakia has threatened to block the strengthening of the European Financial Stability Fund (EFSF). The President of the European Commission Jose Manuel Barroso (here at a press conference in Brussels April 13, 2011)

The President of the European Commission Jose Manuel Barroso insisted Thursday that the euro area plans to end the rule of unanimity in its decision-making, while the future of EFSF is suspended from the single vote of Slovak deputies. "I respect the sovereignty of a member state of our Union," Barroso said about the Parliament of Slovakia, during a press conference after a meeting in Brussels with Prime Minister Danish Helle Thorning-Schmidt.

But "I hope that this Parliament also respect the sovereignty of the other 16 (Monetary Union countries) who are waiting for decisions to be made" and which have already ratified the strengthening of the Relief Fund of the euro area, the EFSF , said Barroso. The Slovak parliament meets Thursday to prepare the way for a second vote on the anti-crisis instrument in the euro zone after a negative vote on Tuesday that caused a government crisis. In this context, the President of the European executive reversed its recent proposal to end the requirement for unanimity in some decision-making.

This applies for example to all measures related to the financial rescue for the troubled country in the euro area. Brussels would prefer a system of qualified majority voting."Is not it strange that when the IMF makes decisions he makes a qualified majority, whereas in the euro area member states that share a common currency are bound by the rule of unanimity?" S is questioned Mr. Barroso.

"This is something we must look to the future," he added. "This is an extremely important institutional point of view, we must have a system of decision-making more effective in the euro area and the EU if we are to be credible with respect to markets and investors, "he judged.

Bank stocks affected by the proposed recapitalization

Securities Credit Agricole and Societe Generale are penalized on the stock market Monday by the lack of details from Angela Merkel and Nicolas Sarkozy on possible solutions to the crisis of debt in the euro zone, while BNP Paribas , which is considered the most solid rebounds.

German Chancellor and French President said Sunday that a comprehensive response to the crisis should be announced by the G20 meeting of November 3 and 4, adding that they were ready to recapitalize banks.

Asked about i> Télé, the French Minister of Economy and Finance Baroin said Monday that the terms of a capital injection would be discussed with Germany prior to the G20 in Cannes.

Some investors awaited more specific ads.

"By asking the calendar, French and German leaders have given a road map without further guidance on how," commented strategists of CM-CIC Securities. "The two leaders seem to agree on the finding of the crisis and the importance of providing a comprehensive response by the end of the month.However, no further details filtered from the summit. "

"We still do not know how Europeans have recapitalize banks and, above all if they wish to recapitalize so that some are stigmatized" they added in a note to clients.

At 1:11 p.m., Societe Generale lost 0.49% to 20.410 euros and Credit Agricole 5.331% to 0.54 euros, while BNP Paribas resistance with a gain of 2.20% to 32.250 euros.Since early July, SocGen fell more than 52% and Credit Agricole of almost 51%, while BNP Paribas has lost about 41%.

At this stage of the session, the CAC 40 index rose 1.14% and the index of European banks in Europe is 0.3%.

BNP Paribas, considered the strongest of the three major French banks, particularly in terms of capital ratios, this morning also benefits from its inclusion in the list of preferred values ​​in Eastern Europe through CA Cheuvreux.

BNP Paribas has weathered the crisis better than its rivals thanks to its limited risk profile, and yet it is trading at a discount compared to its peers, the broker said, adding that the bank has gained share including substantial market in the investment bank and Fortis acquired in very good condition.

Franklin Pichard, director of Barclays Bourse France, agrees that the discount on equity warrants remedial BNP Paribas in the short term the bank.

"We recommended last September 16 to return to the purchase of the banks.If we have only one request, it is BNP Paribas, "he wrote in a note to clients.

"While we can not control the political decision to recapitalize French banks (recapitalization targeted or general amount?). But the discount on equity is large enough (70 billion in equity to capitalization of 39 billion euros) look for the file in a logical short-term catch-up, "he said.

The U.S. economy created more jobs than expected

The U.S. economy has created far more jobs than expected in September and the new posts of previous months have been revised upwards, according to official statistics released Friday that could mitigate fears of a return to recession.

Last month, 103,000 non-farm jobs were created, according to the Labor Department, while economists on average expected 60,000 creations.

The unemployment rate was unchanged from a month to month to 9.1%, in line with analysts' expectations.

The right numbers in September are based in part on the reintroduction of 45,000 employees of Verizon in the number of jobs created, they were not in August because of a strike.By excluding these employees, 58,000 new jobs were created.

Statistics disappointing August, which reported zero job creation, for its part has been revised to bring out 57,000 new jobs. That of July was also revised upward to 127,000 against 85,000 previously.

Overall, the private sector has created 137,000 jobs, 100,000 against and 42,000 expected in August. The public sector has eliminated 34,000 jobs to him.

RELIEF

These employment figures are one more sign that the U.S. economy could avoid falling into recession despite a sluggish summer.Last week, the growth of U.S. gross domestic product in the second quarter was revised up to 1.3% against 1.0% in the first estimate.

Recent indicators of the manufacturing sector, business spending and auto sales leave now think the economy is doing better than expected third quarter.

Hourly wages have also increased by 4 cents in September after falling all the previous month.They then recorded their first decline since October 2009, pushing the savings to its lowest level for over a year and a half.

"The increase in job creation and revisions of the statistics is comforting and exciting to the market," said John Kilduff, partner of Capital hedge fund in New York Again.

"But it seems premature to use these numbers to say, regarding the economy in general, we are out of the woods," he tempers.

In September, the U.S. economy has eliminated 13,000 manufacturing jobs, after having destroyed in August 4000.

Some economists fear that the debt crisis will derail the U.S. recovery, not a fear expressed Thursday by U.S. Treasury Secretary Timothy Geithner.

"We're still not at a job that can bring down the unemployment rate, which remains a key concern important to the economy," warns Ellen Zentner, economist at Nomura Securities in New York.

The economy must grow by at least 2.5% per year and create jobs 150.00 per month to prevent the unemployment rate to rise.

Are we really rich with 6000 euros per month?

For the French, a person is rich if its income reached 6,308 euros per month. This is six times less than the threshold set by the government for the implementation of the future tax on the rich.

What a rich? As defined by the Oxford, Cambridge, is a person who has "a relatively large amount of money." The French have a much more accurate definition of wealth. For them, on average, a person may be considered "rich" when its income reached 6,308 euros per month, according to a poll published in the Journal Ifop Sunday. Two-thirds (66%) of respondents, a person is rich when it gains between 2000 and 5000 euros per month.

These figures are the wealth to 5 or 6 times the monthly poverty threshold (954 euros net per month).They are mostly in line with the scale of income tax: the marginal tax rate (the top rate of income set at 41%) apply from 70 830 euros per year, or 5900 euros monthly.

This perception of wealth of the French is in any case far from the government. Tax the rich announced in late August by the Government to fight against the deficit, a key measure of the budget in 2012, provides for taxing income at 3% tax above 500,000 euros per unit per year, or 41,666 euros per month. Parliamentarians should, however, as part of the budget vote in the Assembly in October and November in the Senate, lowering the threshold to 250,000 euros or 20,833 euros per month.

In the first case, the tax affects 10,000 homes. In the second, 25 000 households.Which corresponds to only 0.01% of the French richest, according to Insee, while 10% receive an average income of around 6000 euros per month threshold at which the French are wealth.

German banks not affected by the crisis of the euro

The rating agency Fitch sees no reason to lower notes of the major German banks, while the sovereign debt crisis in the euro area is growing, said Thursday in a Reuters analyst at Fitch.

"German banks have improved the quantity and quality of their capital positions since the beginning of the financial crisis," said Michael Dawson-Kropf, chief analyst at Fitch German banks.

"The crisis of sovereign debt in the eurozone has so far had no impact on the capital positions of the major German banks," said Michael Dawson-Kropf, in a written reply to questions from Reuters.

There is also no sign of contraction of liquidity in the big German banks such as Deutsche Bank and Commerzbank, he added.

The outlook for German banks results look good this year but a negative trend in financial markets and the outlook darkened for the German economy may restrict the results of 2012, said the analyst.

An extension of the crisis of sovereign debt in the euro area could have serious consequences for German banks, announced Wednesday the rating agency Standard & Poor's (S & P).

Moody's downgraded Wednesday Societe Generale and Credit Agricole up a notch, and extended monitoring of BNP Paribas, adding that any downgrading of the rating on BNP would probably also limited to one notch.

The market seems to focus attention on the exposure of German banks to lower Greece's debt, compared to its French counterparts, said Michael Dawson-Kropf.

Fitch has no large German bank under review with negative implications as a result of the debt crisis in the euro area, he further said.

Nordea will eliminate 2,000 jobs

Nordea, the leading bank in Sweden, will drop 2,000 jobs over the next two years to boost its profitability, the new global banking regulations pushing costs up.

The bank, which will separate and nearly 6% of its workforce, has already started negotiations with unions Danish, Finnish, Swedish and Norwegian.

The tightening of banking regulation is a concern for the entire industry, according to the bank, which has 1,400 branches and employs over 34,000 people.

In recent months, almost 50.000 job cuts were announced in the banking sector worldwide, the result of sluggish economic growth, volatile markets and a strengthening of regulations to avoid an episode similar to the 2008 financial crisis.

Your fears about the crisis are justified?

L'Expansion. Com sifts through the five main fears expressed by the French in these troubled times of economic and stock market crisis. A passerby looks at stock prices in Tokyo in March 2011. My bank can go bankrupt?

While banks face their worst tumble since the stock market subprime-Societe Generale to mention that it has lost over 45% in one month, investors began to fear for their savings. There are less than three months, however, French banks passed with flying colors the European stress tests, and announced in the wake of the results quite satisfactory, despite the provisions made after the support plan for Greece. Must we fear for the health of our banks? In a sense yes. They are highly exposed to sovereign risk, and would be the first undermined if the global economy would come back into recession.From there that they put the key under the door, there is not one that should not be crossed. If there's one thing the government learned from the 2008 crisis is that in no circumstances be allowed a systemic bank to fail. Another scenario is not excluded by cons: faced with the fall of their capital, some banks suddenly become very easy OPAbles, large could then use the crisis to swallow small …

My savings are threatened?

Almost all the French have a livret A and 62% have life insurance. Suffice to say that fears about saving people's minds occupied. The crisis that has engulfed stock markets since July, however, has no effect for now. She would only if one or more banks, unable to cash losses, went bankrupt.And even then, the Deposit Guarantee Fund (FGD) warrants to the tune of 100,000 euros per customer cash, that is to say money in current accounts and savings. It also covers securities-stocks and bonds, shares, mutual fund units to a maximum of 70,000 euros. Life insurance is a guarantee fund of the insured, which compensates each trustee to the tune of 70,000 euros. Your savings are safe.

Will I lose my job?

In the short term, but if the stock market crisis becomes a crisis in the real economy, it is a possibility. During the last economic crisis in 2008 and 2009, French companies have destroyed more than 350,000 payroll jobs, a record. However, it would have been welcome."French companies have taken on their margins up to prevent the dismissal, favoring the reduction of their payroll via the removal of precarious (temporary, fixed term contract)," says the expansion. Com Marion Cochard, an economist at the OFCE. That is why today they prefer to restore their margins rather than hiring. This explains why the unemployment rate does not fall significantly in the Hexagon. With this new crisis, firms may once again to postpone their investment projects, therefore hiring. This does not mean that they will terminate. Unless economic activity is a serious flu, and France plunged back into recession.In this case, employees of companies most vulnerable to global conditions (the automotive and manufacturing industry in particular) could face new social plans.

My taxes will increase?

Despite the mantra of Nicolas Sarkozy – there will be no general increase in taxes – reducing the public deficit tricolor requires the government to reach nearly 10 billion euros of additional revenue in 2012. To achieve this, he plans to create a new tax that would hit the richest households. It also plans to cut heavily in tax shelters. That is to raise taxes for households that benefit from these niches. Will be mainly concerned wealthy households, those who realize capital gains and real estate securities, investors in the overseas departments, real estate rental, etc..These tax increases should not affect low-income households and middle classes. Not for now at least. As to bring its public deficit to 3% of GDP in 2013, France can not help but raise taxes (VAT, CSG, etc.).. This course will be announced after the presidential election of 2012.

I can purchase real estate is at risk?

Yes. For three reasons. In 2008, after the collapse of Lehman Brothers, banks have tightened their lending conditions, businesses and individuals alike. Result, many households have had to give up their real estate project. It is too early to say whether the current instability will tighten credit, but given the losses suffered by banks in recent weeks, the probability is high. The other concern is that interest rates rise. Borrowing cost more, which will weigh a little more about the purchasing power of households' housing.Today, the rates of OAT [government bonds whose interest rates are used to set those credits] fall. But if France loses its triple A, or at least turn becomes the target of financial markets, the rates of OAT recover, and with them the credit rates. In addition, the government plans to reduce its deficit to plane several tax loopholes related to real estate in 2012: the tax cut under the Scellier will be reduced while the conditions for granting interest-free loan (PTZ) will be cured. What will weigh on the purchasing power of first-time buyers property.