In a statement, the unions have had explained during their meeting with Secretary of State in mid-day, ensuring that the tax on luxury hotel accommodation, passed by Parliament in September and applied since November 1, "will be removed payday loans in one hour."Had it been maintained, the tax would be added to the expected increase in the VAT on 1 January, according to Prime Minister's announcement.

The announcement of the abolition of this tax and details of the plate affected by the increase in VAT from 5.5 to 7% led the unions to "reaffirm the promises made in 2009 on employment, wages and investment ", they said in their statement.

A measure of 90 million euros

This was to compensate for the loss of revenue of 90 million euros due to the abandonment of the increase in VAT on theme parks.

The crisis in the euro area has so encroached on the official program that the French president had to cancel his meeting with Indian Prime Minister Manmohan Sing. French President Barack Obama had previously met face-to-head and seems to have gained the support of the United States for its proposed financial transactions tax cash till payday.

The political changes in Athens have also punctuated the start of the summit. Returning to Greece after being scolded by Nicolas Sarkozy and Angela Merkel on Wednesday, Prime Minister George Papandreou is facing the sling of his own ministers.Rumors of resignation are insistent, despite denials from the Prime Minister.

On Thursday afternoon, the G20 countries were in flooring solutions to end the crisis, reform the international monetary system, and the increase of IMF funds. If the crisis in the euro area permits.

However, the CSA noted that the period from 1 July to 30 September, the news channel did not respect this balance on newspapers for information."ITV has given the opposition parliamentary speaking time 146% higher than that of the majority, BFMTV gave 142% and 130% LCI! Unheard of at this level "protests Christine Kelly, a member of the CSA in charge of the case. "The time allowed to PS was significantly exceeded" acknowledges CEO Guillaume Dubois BFMTV. "We have given priority to the information. Now the case has raised the antenna DSK in July and August, the Senate elections and primaries PS mobilized in September. We invited representatives of the majority but they decided to be discreet "defends Guillaume Dubois. "It's not the fault of having warned" Christine Kelly replies "I have met for the first time in July and I have warned against a possible slip of the Senate and the primary"

Tomorrow morning, the CSA will meet in plenary session.Constable Audiovisual could decide on a formal channels of information. "It's a yellow card. But if they start, then the CSA will release a red card and take sanctions "warns Christine Kelly

However, the CSA notes that most other television and radio all have fully complied with the instructions. On the side of France Televisions, which also broadcast the primaries in two news magazines, the balance was followed. Information for newspapers, counters ended September 30 show that the parliamentary opposition bloc has 51% of speaking time points Thierry Thuillier, the Director of Information of France Televisions.The new review period from 1 October to 31 December, France Televisions ensure balance time for the presidential majority, including calling Francois Fillon to 20 hours of JT France 2 tonight.

For news magazines, France Televisions has until Dec. 31 to offset the 4:45 discussion devoted to the primaries. Already Alain Juppe had been invited for two hours in the program "The words and actions" on September 30. Tonight, the program "Crossword" lasting 80 minutes will receive a majority of three personalities: Lionel Luca, Chantal Jouanno and Herve Morin. Finally, France Television is negotiating for an intervention of Nicolas Sarkozy on October 24.In this case, if the head of state talking about the crisis of the euro or Greek debt, his time is not counted, however if he talks about domestic policy, then the speaking time will be taken into account.

No concrete decisions

Paris and Berlin agree on everything kept repeating the two leaders. In particular the need to "take the necessary measures to recapitalize banks", according to Angela Merkel, or rather to "strengthen the capital structure of banks in Europe," according to Nicolas Sarkozy.A semantic nuance that neither one nor the other details provided. The "details" will be specified later they have promised, even suggesting an EU summit scheduled for October 17 and 18 and qu'unEurogroupe quick pay day loan. This lack of concrete decisions may be poorly received by financial markets because it gives the impression that there are still differences between Paris and Berlin on how the European financial stabilization (EFSF) must be used to strengthen bank capital.

However, the two leaders seem more attuned to the desire to strengthen economic integration Lazone euro. It will require "significant changes" to the European Treaties, provided Nicolas Sarkozy.All these elements will be subject to comprehensive proposals before the end of the month, concluded Angela Merkel and Nicolas Sarkozy.

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UBS said Thursday an estimated loss of 1.5 billion euros due to fraudulent transactions of its employees. Since then, the bank did not provide details on the mechanisms in question. The extent of fraud appears, however, reach gigantic proportions: it would be spread over three years since October 2008, without apparently the slightest alarm it caused internally. UBS warned regulators Swiss and British have launched a joint investigation.The bank has set up a parallel internal investigation unit called "Project Bronze" and instructed one of his best traders in derivatives, Jason Barron, to unwind positions Kweku Adoboli. While the fraud would have been discovered in the day Wednesday, all commitments have been liquidated Adoboli Friday.

Supposedly low-risk operations

The trader, who was promoted to his post in 2008 from the back office services, was a member of a small team of five people at Delta One desk. Their mission: to invest large sums to the equity of the bank's alleged market changes, via financial instruments called ETF (exchange traded funds) small personal loans. Generally, low profits emerged from these supposedly low-risk operations at very high volumes.Adoboli of the fault could have come from a lack of coverage of his Paris, which would have resulted in a spiral of losses since the collapse of financial markets this summer.

New to fear layoffs

The extent of the scandal poses serious threats to the future of UBS. While the bank has launched a 3500 plan job cuts, new job cuts are feared. The approximately 6000 employees of the investment bank in London feared an outright shutdown of their business, which should show a loss on the year while UBS as a whole should remain the beneficiary. Despite calls for resignations in Switzerland, head of UBS, Gruebele Oswald replied that he did not intend. "If you ask me whether I feel guilty, I say no," he told the newspaper Der Sonntag.

Concerned about its reputation with its clients it manages fortunes, UBS wrote them a letter Saturday to try to reassure them. "We fully understand that this incident may worry, says the bank. We are very disappointed and we also assure you that UBS is taking the matter very seriously and makes every effort to resolve it quickly. Your assets are safe with us. "

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The international macroeconomic and indeed remains tense, and markets fail to get rid of their concerns, both the European and American sovereign debt than on the slowdown, every day more evident, growth. The deterioration of Japan's sovereign rating and its banks, Moody's has added to the anxiety room.The volatility is exacerbated and evolve according to the indices of high amplitude, alternating sudden drops and sharp lifts.

Strong rebound in durable goods orders

Chapter stricter U.S. durable goods orders for July, were up 4% over the month in July, after falling 1.3% in June A pleasant surprise: the consensus of analysts expected Surun rebound of 2.5% only. "After contraction of almost 2% in June, a rebound (+2.1% expected) were likely on durable goods orders in July, analysts said Aurel BGC.

In the wake of this indicator, oil prices rose slightly at the opening in New York, a barrel of "light sweet crude" is trading at 85 quick payday loans.96 dollars, up 52 cents. As usual, the forecast for this indicator were very scattered.However, it appears very likely that the increase in durable goods orders will be driven by Boeing (0.35% to 60.98 dollars). The Boeing 115 has indeed garnered orders in July, against 48 the previous month. But, outside transport equipment, orders should be significantly less dynamic (-0.3% expected) "they procrastinate. At 4:00 p.m. will also release the FHA index of housing prices. A consensus of analysts expects an increase of + 0.2% + 0.4% against the previous month.

On the corporate side, Applied Materials Inc. (-0.96% to 11.33 dollars), a specialist semiconductor company traded on Nasdaq after the stock market will publish its results for the third quarter of 2012.The title had closed up 5.34% to 11.44 euros on Tuesday.

Apple (0.48% to 375.38 dollars) could be surrounded, as we just learned that the new version of its iPhone will be available later than expected, ie mid-October to United States and will for the first time also distributed by Sprint Nextel, the third largest wireless carrier in the United States. This is the Wall Street Journal that day that communicates information.

In addition to the sharp slowdown in the German economy, the Gross Domestic Products (GDP), Spanish and Dutch experienced a similar fate over the same period, rising by only 0.2%, respectively, and 0.1%, amid crisis debt.

In this context, the summit between Sarkozy and Merkel spent on the economic governance of the euro area is even more expected.Combined these on global markets, all eyes will be on the Elysee Palace in Paris to take place a meeting between German Chancellor Angela Merkel and French President Nicolas Sarkozy, to improve governance in the euro area . The two leaders will meet from 16 hours and hold a press conference around 18:30.

Investors already know that he must not expect miracles, especially not that the two largest economies in the euro zone agreed to set up Euro-bonds, which would be financially harmful to Berlin. "Do not expect anything dramatic" at the end of the meeting Monday said a spokesman for Angela Merkel, that "people expect once again a spectacular blow."It should only be to continue discussions on the governance of the euro area, following decisions taken by Heads of State and Government of the European end of July.

Operators still expect progress on this issue. "If nothing is announced, it will mean that there is a deep rift between Paris and Berlin markets can get excited again," warned Yves Marc, sales of shares in Global Equities.

Meanwhile, Asian markets have already set the tone with very mixed sessions, despite the good momentum on Wall Street, which closed yesterday on a sharp rise. Oil down with a barrel of "light sweet crude" that is losing 45 cents to 87.43 dollars and that of Brent which cedet 42 cents to 109.49 dollars.Sign of nervousness room, gold was up, quoting around 1767 dollars per ounce at the opening in Hong Kong dollars in 1744 against the previous day closing in New York.

German growth slows

In addition to the meeting, investors will be occupied by the many indicators that will be published on both sides of the Atlantic. Germany has announced a particularly sharp slowdown in growth in the second quarter. German gross domestic product (GDP) grew by only 0.1% in the second quarter compared to the first, where he still displayed an increase of 1.3%.

Economic growth also slowed in the second quarter in the euro area, 0.2% from 0.8% in the first quarter, according to data released Tuesday by the EU statistics office Eurostat.However, the euro area recorded a trade surplus of 900 million euros in June, after a surplus of 200 million in May.

In the U.S., markets will learn in the afternoon of housing starts, prices for import and export and especially of industrial production. This indicator is closely watched as markets worried about more and more sluggish growth of the world's largest economy.

Values ​​to follow

On the corporate side, the news is much thinner. Bank stocks are again followed. They fall before the meeting Sarkozy-Merkel. BNP Paribas (-1.63% to 36.91 euros), Societe Generale (-1.65% to 24.39 euros), Natixis (-2.34% to 3.04 euros), AXA (-1.69 % to 11.05 euros), Credit Agricole (-0.95% to 6.67 euros) take the rating down.

GDF Suez (-2.27% to 20.42 euros) is added to the list of preferred values ​​of UBS.

EADS (-2.50% to 21.46 euros): Russian Transaero airline will buy 12 Airbus A320. Qantas has in turn announced the purchase of 110 Airbus A320s and the deferral of delivery of six Airbus A380 jumbo jets.

Israel, a country generally prosperous

With an average growth of 4.5% per year, the Israeli economy is not to be pitied. The country enjoys, among other things, its specialization in the export of products with high added value, such as electronics, computers and medical equipment and scientific.

With a well-run fiscal policy, the fiscal framework has never been violated for eight years. "Israel has always repaid its loans and the ratio of government debt to GDP fell from 120% to 80%," said Haim Israel, director of research at Bank of America Merrill Lynch in Israel."The country has weathered the crisis of 2008-2009 without loss of GDP or higher unemployment." At 6%, it is in fact historically low, whereas it reached 11% in 2004.

Soaring house prices, trigger

"The revolt of the tents" began in July when Daphni Leef, a young editor of 25 years, learned that the rent of his small apartment in Tel Aviv will be seriously revised upward. Grabbed by the throat, it installs a tent on Rothschild Boulevard in Tel Aviv to protest against the rent level.

It opens up a Facebook page calling the Israelis to do the same. His initiative is quickly spreading. Camps are flourishing in forty locations and events increasingly important place every Saturday.

It is true that house prices jumped 35% between 2007 and 2010 and 15.3% for the single period May 2010-May 2011.The rent index, based for example on new leases increased by 6.4% over the same period. In one year, prices rose by 32% in Tel Aviv (64% since 2008) and 17% in Jerusalem. The money spent by households in their homes can easily reach 50% of their income.

Quickly, the entire middle class – students, housewives, retirees, teachers, doctors – who joined in the protest to denounce more generally the cost of life and call for more social justice. For the development of the Israeli economy has been accompanied by a sharp rise in inequality.

Large sectors of the economy in a few hands

Past ten years, the policy of Israeli governments has led to the privatization of entire sectors of the economy.But only a few groups have shared the cake so that economic activity is concentrated in the hands of a few rich families. Eighteen families and individuals alone control companies generating half the country's GDP, according to a study by the Bank of Israel.

Enjoyed near monopolies, these groups stand in the entrance of new players on the market and can impose their prices. "Dairy products are a good example: two companies control the industry and the market is not open to imports," said Haim Israel paydayloans.

A cost of living very high wages stagnant

In many areas, the Israelis are paying more than the Europeans and Americans for the same products and services. For example, gasoline is twice as expensive in the United States and 30% more than in Europe. The price of mobile phone communication is the highest in the world.Cable and satellite are nearly three times more expensive than the world average. On the site of the Israeli Swedish brand H & M, of products similar to those offered in France are sold 13-23% more expensive. According to the Big Mac index published annually by The Economist, which compares the price of the famous hamburger in each country, Israel is ranked above the United States with the respective prices of 4.67 and 4.07 dollars. Other clues: Bloomberg compares the price of the library "Billy" sold in IKEA stores. In 2011, in Israel that the library is selling the most expensive.

In June, the makers of cheese, a staple of Israeli cuisine, had tried to raise the price of 250 grams of pot triggering a boycott on Facebook.Of its success, the producers had had to give.

This price increase is even more difficult to absorb the salaries, they have not increased. In real (inflation deducted from), they remained stable or even declined since September 2010, according to the National Bureau of Statistics (CBS). Meanwhile, social benefits have been reduced since 2003. However, it is the middle class that supports the heaviest tax burden of up to 50% of revenues.

Growing inequality

Income gaps within Israeli society are very important. If the average salary is 102,763 shekels in a year (20,265 euros, more than in France), a majority of the population is well below. An Israeli in five is living even under the poverty line, according to OECD figures, the worst figure for members of the organization after Mexico.39% of Israelis also believe that it is difficult or very difficult to live with their current income, against 24% on average in the OECD.

"It's capitalism gone wild. Those who can not keep up are left behind, without a safety net, "complains Daniel Rouach, associate professor at the ESCP Europe and member of the Chamber of Commerce France-Israel.

After the rejection of a leading housing assistance, Prime Minister Benjamin Netanyahu has appointed economist Manuel Trajtenberg at the head of a panel of 14 experts to consider reforms to the social partners.

"I really think that the next elections will focus on the economy, said Haim Israel. In recent years, these were mainly geopolitical and the peace process. The economy is back on center stage and so the changes take place. "

The pressure was at its height on Friday night Silvio Berlusconi, Italian Prime Minister. According to Reuters, the European Central Bank had asked him to commit to implement fiscal reforms quickly, a prerequisite for debt it bought the Italian Treasury. This would include an amendment to the Constitution so Italian and to introduce a "golden rule".Rome could make announcements to that effect from this weekend, in exchange for which the ECB would intervene in the markets next week to support the Treasury of Italy. These rumors had the effect to strengthen the euro against the dollar.

Sign of financial globalization accelerated the past three years, Asia is now that Western countries face their responsibilities. Major creditors of the United States and the eurozone, Japanese and Chinese have expressed their annoyance. "We hope that the United States adopt measures to ensure the safety of assets held in the U.S. by other countries," said Chinese Foreign Minister Yang Jiechi.The latter also called on the world's major economies to strengthen their "communication" and improve "global economic governance."

The Minister of Finance of Japan, Yoshihiko Noda, for his part called "to discuss" problems of market distortion currency, debt crisis and U.S. economic issue. Asia calling the West to deal with its imbalances, the G7 in reverse!

Calls to Action

Side the euro area, the calls begin to be heard. According to the Commission President José Manuel Barroso, who has asked Member States to vote as soon as the new aid package to Greece, the Commissioner of the Economy, Olli Rehn, has increased calls for the Friday action. He acknowledged that "the current crisis is not just Europe payday loan."He said the solution may be to the world and "international coordination through the G7 and the G20 is very important," two bodies currently chaired by France. In this context, Nicolas Sarkozy has held since his vacation spot in Cape Negro a telephone conference with German Chancellor Angela Merkel, Italian Prime Minister Silvio Berlusconi and Spanish Prime Minister Jose Luis Zapatero. He also had talks on Friday with Barack Obama. But as in previous crises, Europe is still far from offering a united front to the markets. Spanish Finance Minister, Elena Salgado, has sharply criticized the European Central Bank, which, she said, created "confusion in the markets."Implicitly, Madrid surprised that Jean-Claude Trichet at a press conference on Thursday, has announced the resumption of purchases of debt of Ireland and Portugal, two countries with financing needs are in principle already covered by the European Solidarity Fund (EFSF), even if it is unable to avoid tension on the secondary market.

However, the ECB has done nothing yet for Spain and Italy, which are in turmoil.Another sign of division: several Anglo-Saxon sources have suggested that the decision to resume the buyback of sovereign debt was opposed by the Germans, Dutch and Luxembourg in the Council of the ECB.

"The market seems to have understood that the European Summit of 21 July has finally brought a DIY solution to alleviate the difficulties of the peripheral countries of the Union", are economists Natixis. Principal is the day the bond markets, the rate loans to ten years in Italy increased over Spain, 6.12% and 6.03% respectively.Hence the pressure on Berlusconi by the ECB, and behind its main shareholder, Germany.

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Baroin for its part related to the Europe Agreement on Greece on Thursday and compromise between Republicans and Democrats: "All that has been implemented for two weeks three weeks, the agreement of the euro area on the issue Greek, the Washington agreement on the question of raising the ceiling of U.S. debt in the right direction. "These agreements" are going in the direction of the reinforcement of global growth, "he said, and they will" reaching consequences for global economy is recovering. "

Berlin has also welcomed the plan, but without emphasis. "The German Government is satisfied that there is a political agreement in the United States on this difficult issue," said at a press conference a spokesman for the government, but "we do not comment on its contents."

Earlier in the night, Japan applauded the U.S. agreement."We welcome the agreement on the U.S. debt and hopefully it will stabilize markets," said Chief Cabinet Secretary, Yukio Edano. The islands observed at the forefront of American debt crisis. It is the second largest holder of U.S. Treasuries, after China.

BlackRock prudent

It is not clear, however, that the announcement of Washington, as expected, calms markets. The largest asset manager worldwide, BlackRock, welcomed the plan cautiously. "The proposed framework for reducing federal spending is a positive step," said the fund in a statement. But "the exact composition and timing of all the spending cuts will determine whether the proposal produces a real and significant reduction of the deficit," he added.

Markets "need to perceive a clear path to deficit reduction to encourage confidence in the U.S. dollar," says BlackRock. "This is essential if we are to retain the AAA rating of the United States and encourage long term investment."

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