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According to Nathalie Kosciusko-Morizet, if movement of the plane generally niches from the Grenelle Environment Forum will also be involved. France-Info on Tuesday, Minister of Ecology says the tax loopholes of the Grenelle Environment Forum will be involved where the "general movement of the plane."

The tax loopholes resulting from the Grenelle Environment Forum will be involved where the "general movement of the plane," said the Minister for Ecology Nathalie Kosciusko-Morizet France Info radio Tuesday. "We understand that it's easier to spend than to save 10 billion 10 billion. And when you have to save 10 billion it has to be that everyone puts it," said the minister.

"I think if there is a general movement of the plane, from the niches of the Grenelle Environment Forum will also be involved," she added, stressing defend their "efficiency".The minister did not say what niche could be affected and to what extent.

In 2010, Tax Assistance "green" had already been a movement of the plane, including the tax credit on equipment in support of sustainable development (installation of thermal insulation, condensing boilers ,…) or that the photovoltaic systems.

The French will be more better off put to three years, the time to reduce the deficit, but the government should ensure the right balance to avoid an exodus of the richest, said Wednesday at the Reuters chief executive of Publicis Maurice Levy.

The French executive, who is about to announce a package of measures to meet its deficit reduction targets, including considering a contribution of more privileged who could take the form of an exceptional tax the highest incomes.

"The whole problem is to calculate the contribution so that it is not only symbolic and it is not a discouragement for the ruling classes, or advantaged people who say 'this If I go, '"said Maurice Levy, who also chairs the French Association of Private Enterprises (AFEP).

"So it's a balance to be struck so yes it is an effort, it is limited in time, it allows to solve problems, it is significant but it is not discouraging, "he said in an interview with Reuters.

In an article in Le Monde in mid-August, Maurice Levy floated the idea of ​​a contribution of the richest in France, before being joined by a dozen other CEOs.

The government and several officials of the majority suggested that the key contribution income over one million euros annually.The approximately 30,000 households concerned and would pay a total of about 300 million euros in additional taxes next year as determined by the UMP rapporteur of the budget in the Assembly, Gilles Carrez.

No cups ADVERTISING INVESTMENT

Some voices were raised to denounce a cosmetic measure, which would not affect the distribution of wealth in France.

"I do not want this to be only symbolic, I think it has to be a real contribution," said Maurice Levy, who initially pleaded for an effort of limited duration, without excluding a subsequent more comprehensive overhaul of the tax system.

"I think it takes three years to redress public finances if they have a sustained and vigorous," he added."Then we take stock, and if after three years you realize that it's better to reform the system, we will reform the system."

Maurice Levy was confident in the ability of France to redress its finances, while stressing the need for structural reforms.France suffers particular, he said, a cost of labor made too high payroll taxes, and a labor law particularly complex, especially with regard to restructuring.

Maurice Levy is leading advertising group in the third world in terms of turnover, whose activity is sensitive to changes in economic conditions.

While stock markets have come through three weeks black leaded by fears of a slowdown in the global economy and the problems of sovereign debt in the euro area and the United States, the head of Publicis said he did not see the signs of downturn.

"What we've done so far in August, is to call many of our customers and try to understand what was going to happen on future investments," he said. "For now, the indications we have are indications of continued investment without much change."

He was optimistic for next year, which will be marked by two major sporting events: the London Olympics and Euro 2012 football.

"With these two events, we already know that it adds between 80 basis points to 120 basis points for growth," he said.

Berlin has revised down its forecast of budget deficit to 1.5% of GDP in 2011. The German Minister of Economy, Wolfgang Schauble, also removes any risk of recession. Wolfgang Schäuble, the German finance minister, by the Bundestag in Berlin September 14, 2010.

Germany has lowered its forecast of budget deficit to 1.5% of Gross Domestic Product (GDP) in 2011, in a monthly report of the Ministry of Finance released Monday. April 13, Berlin table again a general government deficit (which includes the accounts, the regional states and municipalities) of 2.5% of GDP. In 2010, public deficits were 3.3%.

"The positive development this year will continue through 2015, which will have balanced accounts in 2014," the ministry's report posted on its website.Public debt "will drop by the end of this year to 80% of GDP and thus be about three percentage points less than last year," the ministry. He expects public debt to about 71% of GDP in 2015. In 2010, public debt was 83.2% of GDP.

"There are no signs of recession in Germany," said also on Monday antenna Deutschlandfunk the German Finance Minister Wolfgang Schäuble. "The development of the labor market remains very positive," he said. "In Germany, as in the rest of Europe, the second quarter was worse than expected," admitted Mr Schäuble, while ensuring that there was "no reason to worry" and that the country would reach a growth of 3% of its Gross Domestic Product (GDP) in 2011.

German growth in the second quarter has seen a brake sharper than expected, the German gross domestic product (GDP) increasing by 0.1% over the first quarter, according to figures released Tuesday by the Office for Statistics (Destatis). The growth of gross domestic product (GDP) in the euro area it has slowed to 0.2% in the second quarter, after 0.8% in the first, according to data published by the EU statistics office Eurostat.

Barack Obama, vacationing on the island of Martha's Vineyard grouse, on Saturday accused the Congress of a slow economic recovery by blocking measures "common sense" meant, he says, help create jobs and growth.

In his traditional speech recorded weekly radio broadcast Wednesday on his tour bus in the Midwest, the U.S. president that the draft law, currently at an impasse, concerning the construction, trade and taxes, would "boost "an economy half-mast.

"The only thing that prevents us to pass these texts is the refusal of some on Capitol Hill to put national interests before those of their party.This is the problem today is that hinders the country, "he said in his speech, also available on the Internet.

With a national unemployment rate stuck at over nine percent, the chances of re-election of Democratic president may depend on its ability to convince the electorate's ability to get the economy back on track.

He was criticized for the choice of Martha's Vineyard as a summer resort, the island, located on the east coast of the United States, is a haven for millionaires, when 14 million of his compatriots are unemployed.

The White House insisted that the Chief Executive, who is a regular at this place for family vacation, spend most of his nine days off to "floor" of a recovery plan and the fight against unemployment that it will issue in a speech scheduled for early September.

CALL TO REPUBLICANS

In his speech on Saturday, Barack Obama acknowledged that the United States were far from healthy.

"We are in a difficult situation. We are in a terrible recession.So we need people in Washington, people whose job is to manage the affairs of the country, the people you elected to serve – we need to solve problems by putting aside our differences, "Has he said.

The Republicans control the House of Representatives while the Senate is in the hands of Democrats.Both parties are at loggerheads on how to get the country out of its massive debt.

In a statement on behalf of the opposition Republican Governor John Kasich of Ohio, for his part, felt that President Barack Obama was wrong to impute to others the responsibility for the current impasse on Capitol Hill.

"Divided government is no excuse for doing nothing," said the former chairman of the Budget Committee of the House.

"It does not replace the authority of the President of the United States.I hope that President Obama listen to his fellow Republicans as well as to get the economy back on track by creating jobs and manufacturing growth ".

The governor of Ohio has also invited his side to show more interest in the trade-offs.

"It is equally important that the Republicans are not rigid about working beyond the party lines when the stakes are high," he added.

"We can compromise on policy as we do not betray his principles."

From Tokyo to Wall Street, via Frankfurt, Paris or London, the world stock markets have been strongly shaken on Monday by the deterioration of the credit rating of the United States. The specter of a new stock market crash is on everyone's mind. In Asia, the Shanghai Stock Exchange closed down 3.79% Monday, August 8. Why stock markets loosen?

Initially, it is the debt crisis of the Greek and European, who threw the trouble in the markets. Even the European rescue plan last July 21 is reached only very briefly restore investor confidence. Since every day is bad news was sinking deeper into the red exchanges. In late July, the U.S. announced a low growth in the first half (+1.3%) and something unique, a downward revision of growth earlier.The slowdown in industrial activity, lower consumption, and uncertainty on global growth while adding to the uncertainty room. At the same time, fears the strongest focus on the U.S. debt crisis, for which the consensus seems impossible to find. On 2 August, a few hours of the deadline, Democrats and Republicans finally agree to increase the ceiling on the debt. But markets were not satisfied with this agreement as a minimum, no resolutions have been taken seriously to reduce the deficit. The rating agency S & P, which called for an agreement is reached 4 trillion dollars of debt reduction ends up putting his terrible threat. Friday, it fell for the first time in its history the U.S. debt rating to AA +.The perfect ingredients for an explosive mix together: the problem of rising debt and sluggish growth concerns, which eventually self-sustaining. On the European side, where stock markets have dropped tremendously due to the debt crisis of the European, the penalty is double, the markets continue to tumble.

Companies are they for something?

Companies are not completely foreign to the decline. The second quarter results have indeed disappointed the markets, especially in Europe, where companies suffer from the downward revisions of growth in Asian countries. Some of them are even forced to carry warnings about results, after first quarter yet considered excellent. In the United States on the other hand, companies have greatly benefited from sustained growth in Latin America and favorable foreign exchange effects.Thus, in the second quarter, 71% of U.S. companies have published the results above expectations, against only 46% in Europe. In detail, the most battered markets are industrials, technology and raw materials, that is to say the most exposed to global growth … However, the health of companies is not as bad as it sounds, and has participated only slightly in summer stock unscrewing. "The CAC 40 companies for example are for the most beneficiaries. What more shocking is the difference between the optimism a few months ago and gloom," said Christian Parisot, an economist at Aurel Level .

Can we talk about stock market crash?

The definition of crash-sudden and precipitous decline in the index of one or more places worldwide, is not absolutely clear.Economists agree that there is crash when the index lost more than 10% in one session, and / or 20% in a few days, which only happened twice in the twentieth century, 1929 and 1987. Even in 2008 at the height of the financial crisis, we have not seen a stock market crash, but only to a very high price volatility. This does not mean that the situation is not alarming either. Since the last above, July 22, several European indices like the CAC 40 lost more than 15%. Moreover, the concern of investors is more about the resulting decline in prices on the magnitude of this decline: from 10 days now the markets are falling continuously, including a first for the CAC 40. This means that in 15 days, any economic indicator, no technical rebound has allowed the evidence to blow.

How far this can go down?

This day of Monday is crucial. All weekend, governments and central bankers worldwide have struggled to find solutions to avoid the emergence of a new Lehman Brothers. In France, Nicolas Sarkozy has stepped up calls with its European counterparts, particularly with German Chancellor Angela Merkel. The G7 finance ministers also met in the night from Sunday to Monday and pledged to "take all necessary measures to support financial stability and growth." Understand the central banks are ready to inject liquidity in the markets in a panic. As for the ECB, it was prepared to buy back the debt if the Spanish and Italian investors deserted.The result was encouraging since at the opening of European stock, the dreaded crash did not occur. But as and when the day, the situation has worsened. At 4:30 p.m. in Paris, the benchmark index fell nearly 4%, as investors kept their eyes on Wall Street. Almost an hour after opening, the U.S. stock markets lost more than 3%. The crash is not excluded.

In the longer term, it is very difficult to predict what will happen in the markets. "Everything will depend on the credibility of political solutions in place to absorb the debt crises on one side and across the Atlantic, said Christian Parisot. While at present, governments have made important decisions, their implementation is delayed. "In Europe including the pace of the support plan, which must not pass the national parliaments by the end of September, largely contributes to the crisis of investor confidence. Moreover, "everything depends on the practical implementation of plans to reduce deficits. If growth continues despite the cuts, then the market can regain some momentum," said Christian Parisot. But for the latter, as any good macroeconomic indicator will not be published, global indices remain capes, investors are not willing to pay dearly in the future of stock exchanges as unstable.

The two options designed by creditors, including French, to contribute to the new aid package to Greece likely to lead to a default, according to the rating agency. The headquarters of the rating agency Standard & Poor's in New York

The plan discussed by the European authorities and the International Monetary Fund (IMF) to reduce the burden of the Greek debt could be a default, said Monday the ratings agency Standard and Poor's.

The scenarios imagined by the creditors, including French, to contribute to the new aid package to Greece "likely to lead to a failure to pay according to our criteria," said the rating agency said in a statement.

A plan proposed by the French Banking Federation (FBF) has to reinvest 70% of the amount reimbursed by Greece under the maturing bonds.Of these 70%, only 50% would be placed in securities Greek at age 30, the remaining 20% ​​being retained in an ad hoc investment vehicle as collateral.

A second option would engage the private creditors to reinvest 90% of the amounts reimbursed by the Greek state in new 5-year bonds.

Standard and Poor's considers that these two options would lead to a default because if they are not strictly an "exchange" of debt, they amount to a "quasi reorganization".

The agency had already considered that the default was imminent on June 13 by lowering three notches to "CCC" the note of Greece, is one of the lowest marks possible in its classification.

"Although we do not consider the two options presented by the FBF as strictly an exchange (debt), we believe that each of them falls into the category of a quasi reorganization under our criteria," argues Standard and Poor's in this release. Therefore, if one of these two options should be retained, the rating agency would decide to lower the rating of Greece to place it in the "selective default", considering the fact that the country has "effectively restructured some but not all, of its bond debt. "

The agency emphasizes, however, that once applied either of these scenarios, a new note would then be given to Greece reflect the Greek sovereign risk assessment.

This weekend, the Europeans were given more time to move forward on this second rescue plan in the longer term, supposed to Greece immune to market until late 2014. The outlines were hoped for in July, but may be delayed. The main question mark is the contribution of banks and other private creditors of Athens, European seeks to avoid it being considered by the rating agencies as a default.

"The announcement of S & P should force the Europeans to revise the agreements being discussed," one analyst said Monday Crédit Mutuel-CIC.

French banks could reinvest maturing part of their Greek loans in securities backed by potentially low strip to the European Financial Stability (FSEF), Les Echos wrote Monday.

Le Figaro reported Sunday that the Treasury and the French financial institutions had agreed on a scenario designed to promote the participation of private creditors in the bailout of Greece.

A banking source confirmed to Reuters on Sunday evening the existence of such an agreement.

The proposal of the French banks would open the opportunity to reinvest only 70% of money received in repayment of loans Greek expired.Of this amount, 50% would be allocated to the purchase of new 30-year Greek bonds, not five.

Les Echos reported that 20% would be placed on securities with low coupons, potentially backed zero coupon bonds issued by the EFSF.

BNP and Societe Generale declined to comment information. No comments could be obtained immediately from the Crédit Agricole and Natixis.

Under pressure from several countries, including France and Spain, the European Commission will substantially increase its offer to create a fund of 150 million euros to compensate for up to 30% of losses suffered by vegetable growers affected by the E crisis.coli.

Following an extraordinary meeting of Agriculture Ministers of Twenty-Seven in Luxembourg, EU Commissioner Ciolos committed to proposing a new budget on Tuesday to compensate producers of tomatoes, lettuce and cucumbers victims of the epidemic that began in late May in Germany.

"I made a commitment to review this figure, the level of compensation, and return with a proposal that is substantially improved by tomorrow," he told a news conference.

He also indicated a willingness to revise upwards the level of 30% of compensation originally envisaged, either for producers or those independent members of producer organizations, which already pay the aid, and to include producers zucchini and peppers.

He however expressed caution about being able to 100% as claimed Tuesday Spain, France and seven other countries.

The European Federation of fresh Freshfel Europe, the weekly shortfall of around 80 million euros in the Netherlands, 30 million in France, Germany 20 million, four million in Belgium and three million in Portugal not to mention the 200 million estimated by Spanish farmers.

"CLOSE TO EURO"

Leading the battle to Luxembourg after his country was initially pointed the finger in the onset of the epidemic, the Spanish Minister Rosa Aguilar said the original proposal of the EU executive was rejected almost unanimously by member states .

Like the latter, the French Minister Bruno Le Maire, who only stayed about 1:30 in Luxembourg, called for compensation of producers "to the nearest euro" without quantifying the losses suffered by the French producers.

France and Spain also asked that we draw lessons from the crisis by reforming the health early warning system to enhance traceability, increased border controls and develop reciprocity.

"The warning must be given on the basis of expertise and scientific facts, which today was not the case," argued Bruno Le Maire.

Finally, a campaign to promote European vegetables originally scheduled for the end of the year will be expedited to help the vegetable sector to recover quickly.

Germany reported Tuesday in slowing the progression of the epidemic linked to the bacterium E.coli but stalled research on the origin of the contamination.

The Hamburg authorities, the epicenter of the epidemic that killed 23 people and infected 2,400 people in twelve countries, have announced that the health situation was improving gradually.

Coach handbags most expensive, cost more than $ 400 (285 euros), meet growing demand, which should enable the group to return to the high end models introduced after cheaper deal with the financial crisis.

The U.S. group aims clients of the luxury market with expenditures resumed colors.

But even if the manufacturer of articles and leather accessories has a high latitude in setting its price, it does not increase despite the increased cost of leather and labor in China, Unlike many of his peers.

"We do not raise prices in the future," said Monday its CEO Lew Frankfort at the height of luxury organized by Reuters.

"Our customers want good value for money."

The choice of betting on bags smartest helped raise the average price range around $ 300, against $ 288 during the recession, during which the group launched the line of entry-level Poppy.

"Customers have adopted them (the bags in excess of $ 400) and buy at an accelerated pace," said Lew Frankfort.

Faced with rising costs in China, which produces 85% Coach of the goods he sells, the group has diversified its production sites, replacement of certain raw materials and produce more efficiently.

Upon publication in April of results for the third fiscal quarter of the group, CFO Mike Devine said that the bags over $ 400 accounted for about 18% of its turnover, against 10% a year earlier.

He said that growth was fueled by fashion leather bags, to the detriment of those in fabric.

Lew Frankfort has nevertheless stressed Monday that despite the rise of the most luxury, consumers were still looking for bargains, which benefits groups that provide products more affordable rather than icons of high quality, like LVMH.

"Our positioning as a luxury brand has never been democratized in vogue today," he said.

Lafarge announced Thursday the sale of its cement and concrete in the southeastern United States to Colombian Argos for an enterprise value of $ 760 million (530 million euros).

The group, which has set a goal for 2011 of divestments of EUR 750 million under its debt relief policy, said in a statement that the transaction remains subject to approval by competition authorities.

A spokeswoman for Lafarge said the deal with Cementos Argos, Colombia's leading cement producer, would be paid in cash.The assets sold – two cement grinding station cement distribution terminals and associated units of concrete ready – together represent about 10% of the group's business in North America.

"Overall it's a good move, says one industry analyst. In the short term is good for its debts. In the longer term, however, Lafarge reduced its exposure to a market that is expected to rebound one day with a highly leveraged operational. "

At 10.40am, the Lafarge shares gained 2.26% to 46.74 euros, making it the largest increase in the CAC 40 index (-1.4%). The DJ Stoxx sector in Europe yielded 0.83%.

Following the transaction, Lafarge will retain 21 cement plants and grinding stations in North America.Activities and plaster aggregates are not affected by the transaction.

"This transaction creates value for our shareholders while maintaining the power and capacity to grow our operational system in North America," said group CEO, Bruno Lafont said in the statement.

Lafarge, which holds its general meeting on Thursday, finished the first quarter with a debt of 14.2 billion euros, against 14 billion at end 2010.

The debt relief promised by the group was not yet visible in the first quarter, but with the release last week, quarterly results of the group, Bruno Lafont said he was "extremely confident" to meet or exceed the purpose of debt reduction.

He however refused to comment on the case of an assignment of plaster, the smallest of the three businesses of Lafarge, whose assignment is the subject of recurring rumors.

The current debt of Lafarge, which has preoccupied again last summer's credit rating agencies, is largely inherited from the acquisition of Orascom Cement in late 2007. As part of strengthening its financial structure, Lafarge has already secured more than 500 million of divestments in 2010 and 919 million euros in 2009.