Shortly before 4 am, France, Germany and the euro zone countries are agreed after intense negotiations with creditor banks on a 50% discount on debt securities Greek removing the last obstacle to a comprehensive plan of response to the debt crisis. The contribution of the private sector, coupled with an effort of the States of the euro area of ​​130 billion euros, will bring the Greek debt of over 160% of GDP today to 120% in 2020, said Nicolas Sarkozy.The French president also said that the means of relief funds in the euro area (EFSF) would be "multiplied" in order to reach "1.4 trillion dollars," or "1000 billion euros." For Nicolas Sarkozy, "the summit has to adopt elements of a comprehensive response, an ambitious response, a credible response to the crisis in the euro area". Even if the plan is still very fragile if the economy of Greece does not improve, he said.

The surge in the yen threatens Japan

For its part, the IMF Executive Director Christine Lagarde welcomed the "substantial progress" made at the EU summit in Brussels, welcomed the leaders of the euro area have set up "a program that will respond to the crisis in the region ".Greek Prime Minister George Papandreou, for its part considered that a "new era" began in Greece, speaking of a "new beginning" with this debt reduction Greek.

On the macroeconomic front, the Central Bank of Japan announced Thursday a further easing of monetary policy to fight against soaring yen that threatens the recovery of the Japanese economy.The institute has decided to increase 5 trillion yen (47 billion) purchases of treasury bills, increasing to 55,000 billion yen (519 billion) the maximum amount it spends on purchases of government bonds, corporate bonds and other financial securities, and loans at preferential rates.

The euro has strengthened

In addition, retail sales continued to decline in Japan in September, from 1.2% yoy, due to the fall in purchases of TVs after an exceptional run in early summer, announced the Ministry of Economy Thursday. However, car sales have stopped their dive.Consumers remain cautious overall spending due to fears generated by the earthquake and tsunami in the northeast of the archipelago on March 11 and the Fukushima nuclear accident they caused.

Side values, the action of the group of cameras Olympus flew more than 20% Thursday at the Tokyo Stock Exchange, following the resignation of its CEO Tsuyoshi Kikukawa, accused by his British predecessor Michael Woodford to have overcharged acquisitions between 2006 and 2008.

The euro has strengthened, buoyed by hopes of resolving the crisis in Europe. It was worth 106.26 yen and 1.3975 dollars in Tokyo Thursday morning, 1.3908 against the dollar and 105.98 yen in New Yok the night before.

Finally, oil was up, after the sharp fall the previous day in New York.In electronic trading in the morning, a barrel of "light sweet crude" gained 1.11 dollar to 91.31 dollars a barrel while Brent North Sea crude for December delivery took 70 cents to 109.61 dollars.

The Perp: still little used

The most universal of these savings products is also the least known. The popular retirement savings plan (PERP), established to encourage the French to build and open to all, hard to seduce.According to figures from the French Federation of Insurance Companies (FFSA), 27,000 new Perp were subscribed in the first half of 2011, 2% more than in 2010, but the number of building plans has stagnated at around 2, 1 million since its inception in 2004. "It produces a tunnel that compares poorly with the life insurance contracts, where the funds are not blocked until retirement and also offer a tax advantage," said Marc Darnault, Associate Optimaretraite consulting firm.Perp of the main asset is the ability to deduct contributions from taxable income, with two limitations: the amount deducted must not exceed 10% of earned income, and must remain lower for the 2012 tax return, to 28,281 euros – 10% of eight annual ceilings for Social Security (Pass).

The placement is especially interesting for those imposed in the higher brackets (30 and 41%) of the Income Tax Act and is most appropriate as thirty fifties. The Perp suffers from a disability second. The sums are blocked until retirement recovered mainly in the form of an annuity.Only 20% of funds can be "removed" capital (they are then subject to withholding tax of 7.5%), except in special cases (acquisition of a principal residence indebtedness, disability …) "The Perp is a wager on life expectancy, "says Marc Darnault. The pension amount is difficult to assess in advance and then it will suffer the same tax that the pension provided by the general scheme, namely the scale of income tax after deduction of 10%.

The Perco: the advantage of leaving capital

In comparison, the Retirement Savings Plan (PERCO), which allows the retirement funds out an entire capital – option selected by three-quarters of investors – more attractive.Reserved for the minority of employees whose company has set up this device (about 2.8 million people affected), it has experienced in 2010 an increase of 27% over 2009, according to the French Association of Financial Management (AFG). Some 690,000 employees have passed and the stock reached 4 billion euros on 31 December, an increase of 35% in one year.

The Perco can be powered both by the employee, who can contribute a maximum of 25% of its revenues, as the employer of up to triple up to a maximum of 5,656 euros per year. These payments are exempt from social charges and tax. Only the CSG (7.5%) and CRDS (0.5%) must be paid. "It's a little device binding is a management tool. It may in fact be powered by the profit-sharing cheap pay day loans.Since 2010, half of it is also paid directly to the Perco, "said Philippe Crevel, general secretary of the Investors' Circle, which advises to choose security, particularly at the approach of retirement. "It should also be careful because insurers who manage packages often encourage more risky," warns Marc Darnault.

Préfon: The Perp of the Public Service

This optional retirement plan is open to staff and those who worked for a time in the public service. He met with mixed success. Only 3.7% of potential members contribute to gain points Préfon. A lack of interest that can be explained by the low incentive to contribute, the Pension Plan of the Public Service to ensure a replacement rate of 75%."This has made less sensitive to the officials the opportunity to purchase additional pension that private sector employees, including the replacement rate is 50%," says Philippe Crevel. In addition, the level of pension paid will depend on the pension point value, passed annually in the board. A rather complex system that does not allow the insured to have a clear idea of ​​what it touches.

The Préfon was dusted in early 2011. If the principle is the payment of a pension supplement in the form of annuity (taxed at the rates of income tax after deduction of 10%), it is now possible to recover 20% of the money invested capital (taxed 7.5%). Its main attraction is nevertheless able to reduce its income tax by contributing.As for the Perp, amounts paid annually to the Préfon are tax deductible within the limit of 28,281 euros for 2011 income.

Madelin: a necessary complement to the self

Created to encourage self-employed (merchants, independent artisans, professionals, leaders of society … self-employed) to accumulate savings and a pension insurance scheme Madelin contracts are tax-advantaged. As for the Préfon and Perp, contributions are deductible from taxable earned income (BIC or BNC). The device is even more advantageous, since the deduction of 10% of income to a maximum of 28,281 euros plus an additional deduction equal to 15% on income between 35,352 euros (the maximum Social Security for 2011) and 282,816 euros (eight times in the past). The maximum deduction is set at 65,401 euros."Contributing to this diet is all the more necessary for the self that the benefits of their pension base are lower than for employees," said Marc Darnault.

According to the circle of investors, 61% have an independent contract Madelin (including retirement). The FFSA counted 899,000 contracts outstanding of 1.1 billion euros. The funds invested – usually on euro fund or units of account such as life insurance – are recoverable in the form of an annuity (taxed at the rates of income tax). No events capital is possible except in very specific cases of bankruptcy or disability of the investor.Finally, unlike other retirement investments, payments on contracts Madelin must be regular.

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The trick? These trucks are equipped with a support which can be integrated into a digital tablet iPad and speakers. A self-charging solar battery to allow the tablet to never fall behind. The user – must however bring their own iPad – can then install the Sky Go, which allows it to follow the programs offered by the Sky group's channels, in particular the five sports channels Sky Sports.Support for the tablet is attached to the front of the truck at the site usually reserved for child seats. And to avoid accidents of trucks, everything has been thought. They are equipped with a sensor that emits an audible warning when a client caught up in their screen gets too close to another truck.

"A practical and innovative gadget»

The creator of the Sky Go cart, Ian Burgess of the company Setwo Designs, said in a statement it had successfully met the "challenge" to "create a gadget that is both practical and innovative."This experiment, conducted in a single store Sainsbury's in West London, she is likely to be widespread throughout the UK? When asked about his intentions Lefigaro.fr, the distributor has been very discreet about the success of this test to its customers, as well as its intentions to deploy or not this concept to all its 934 outlets.

In France, the testing of Sainsbury's creates a limited interest in the supermarkets. Auchan, which has developed an application for the iPhone, then declined on the iPad, does not count for much install the tablet on his truck in the store. "We have no specific project for the iPad to date, but our research and development teams are closely monitoring these developments," says the distributor is free credit score online.As for the Casino, he questioned the economic model of such an offer, which requires a significant investment to equip the truck. "This concept is interesting if it allows for example to integrate advertising," said Stéphane Bout, director of information systems group.

There is also the question of interest to consumers. The use of new technologies is not a guarantee of success. "An offer based applications for mobile phones or tablets should provide information and personalized services," says Stéphane Bout. "The goal is to meet customer expectations." To see, therefore, if the "gadget" proposed by Sainsbury's Rave.

The truck "smart" hard to take off

If the test is not processed in the UK, it could well be in China.The phone operator SK Telecom announced the launch this summer of a test in a supermarket chain Shanghai Lotus. In this store, the carts are equipped with a touch pad with which customers can synchronize their mobile phones. This time, it is not for customers to watch TV while walking on the shelves, but to receive "advice for shopping, information about products and promotions on the moment," said SK Telecom in a statement.

The adventure of the cart "intelligent" began long before the arrival of the iPad. As noted by the Telegraph, there are already in the United States carts that warn the customer when there removing the "junk food", these products considered harmful to health. In 2008, TNS Sofres conducting a study on the "Future Store".The survey found that less than 35% of consumers surveyed in France said they were interested in the concept of intelligent truck, against 70% in China, 60% in Spain and nearly 50% in the United States. The iPad, which Apple sold 9.25 million copies worldwide in the second quarter of 2011, may well make this concept more attractive.

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This counter communicator, which allows to know its power consumption in real time and thus better control, will be installed progressively from late 2013-early 2014. A five-year period is planned to equip 35 million consumers, knowing that the European directive assigns a target that 80% of users are in possession of this tool in 2020. "This counter is a future asset for the modernization of the electricity distribution network.It will particularly help to end the current system of estimated bills, sources of discussions, said one industry player. In addition, the meter installation will require the creation of over 10,000 jobs. "

Throughout the past few weeks, a severe battle was between ERDF – a subsidiary of EDF in charge of distribution – and local authorities about the property counters Linky. Upon arrival, the government has not decided to change the current law, which states that the networks, which include counters, belong to communities. In support of its reflection, the government relied on the report of "Committee Linky" on the generalization of communicating electricity meters in France.The report, led by parliamentarians Ladislas Poniatowski and Jean-Claude Lenoir, was sent Sept. 21 to Eric Besson.

According to the overall pattern was retained, ERDF will be responsible for ordering and installation of new meters. These will be installed free of charge, the government decided that not considering either a tax increase for network use, one of the elements of the bill paid by customers.

A cost of 4.3 billion euros

In charge ERDF therefore, which plans to spend 4.3 billion euros to the generalization of the program Linky, to compensate the investment by the productivity gains achieved through this tool. For example, the new meter will perform many interventions that will distance the presence of agents of ERDF to the customer will no longer be necessary."But whatever the gains, a system of passing on costs is possible sooner or later," suggests an industry expert.

As for local, they indicated that the expected effectiveness of the new meter is fully proven. In other words it is shown that consumers can realize significant energy savings. Widespread Linky is a crucial element of energy efficiency policy of the government at a time when energy prices rise.

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LE FIGARO .- What impression do you get from the Summer of PS?

Bernard ACCOYER. – We saw a new battle of images and egos between the candidates in the primary. The PS seems to be a party curled up, in contrast to a world wide open. At La Rochelle, it was all in the posture of a facade of unity and there was nothing to find ideas to respond to the challenges of the moment. The PS stands still deal with the crisis.The implementation of its program for 2012, comparable to 1997 and even 1981, would have two consequences: swelling public spending and raise taxes, while France must control its spending and tax measures to adjust without affecting the household consumption or business competitiveness.

Among the subjects of contention between the majority and the opposition included the "golden rule". Do you support the convening of Congress?

It is a responsibility of the President of the Republic. It is major. French Parliament's vote on a commitment to fight against excessive deficits is a key decision. It is also a commitment of 17 countries in the euro area. We must measure the impact of the convening of Congress. I trust the president to decide or not.For my part, I hope of course that the golden rule is adopted, but I also measured the risks of this approach. Currently, all the conditions do not seem right for the look.

Namely, that you do not have three-fifths majority to pass it?

Indeed, I spoke with most opposition leaders. They spoke clearly. They are not committed to voting the golden rule in Congress. Pending the outcome of consultations with the Prime Minister, I note that the French Socialist Party is the only one in Europe to adopt this posture.

Should we still call the Congress?

The president said if the opposition decided not to join this initiative, decisive for the future of Europe, it would be one element of the debate for the next presidential campaign. There is no emergency.We have until the summer of 2012 to reform the Constitution. Until then, it happens a lot and the French will have to choose between courage and dangerous demagogy.

What would happen if the text was finally rejected in Congress?

The absence of a qualified majority in Congress, after a positive vote in both chambers, would be a first under the Fifth Republic. The risks of rejection are real in a very sensitive issue, so we know very well that national unity has a lot in the difficult times through Europe and the euro, and also through France.

Jean-Francois Cope continues to ask Borloo to surrender to appear in 2012. Do you think the president of the Radical Party will go anyway?

Borloo belonged to the government of François Fillon for nearly four years.It is in the majority, a personality that counts. He contributed greatly in the ministries which he was responsible. His place is obviously in the campaign alongside Nicolas Sarkozy, not a competitor.

You think he will return to the fold?

I hope with all my heart and, as an intelligent and responsible, I think.

What makes you optimistic for the re-election of Nicolas Sarkozy?

What matters are not the polls, which have often said the opposite of what came out of the polls. The important thing is what has been done and what the French can expect the next five years. The President has taken, in exceptional circumstances, the right decisions at the right time with courage. Nicolas Sarkozy, during his presidency of the European Union or the G20, led the way.It was also the strong man in particularly difficult crises: the economic crisis in 2008, the crisis in Georgia, the Libyan crisis. The French need in a dangerous time, a head of state determined, courageous and experienced.

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Combined these as 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 area euro.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 instant payday loans.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%.

The GDP of the entire euro area over the same period will also be unveiled at the same time as the trade balance in June

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 (-2% to 36.77 euros), Societe Generale (-1.92% to 24.32 euros), Natixis (-183% to 3.05 euros), AXA (-1.82% at 11, 03 euros), Credit Agricole (-1.20% to 6.65 euros) take the rating down.

GDF Suez (-0.83% to 20.81 euros) is added to the list of preferred values ​​of UBS.

EADS (-0.59% to 21.88 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.

Nigeria rebel pirates, looters occasional Asian Seas … Of all the pirates around the globe, the Somalis are by far the most dangerous and costly. And for good reason, "with Kalashnikovs and rocket launchers rustic, they disrupt traffic in the Indian Ocean between Asia, the Middle East and Europe, representing 12% of world trade and 7% of flows hydrocarbons, "said Bertrand Monnet *, Professor of Risk Management at EDHEC criminals.In 2010, 238 million dollars in ransom was paid to the brigands of the sea in the Horn of Africa.

"The truth is that we need new resources to reduce debt of France and restore the public, he says in the daily newspaper. [...] So yes, I support what you ask most favored an effort "extra.In a context where the countries situated on the outskirts of the euro area are struggling to convince markets of the sustainability of their debt, the mayor of Paris has combined the fight against the deficit to a real "war": "And when you are war, they say the truth, "he said.

Fusion of the income tax and the CSG

Asked about the unpopularity of this measure, the elected official responded that "citizens may be more courageous leaders" and recalled that in 2008, when he announced to the Parisian tax increases before the election, "They put their trust in me well no fax cash loans." The government in turn made a recent tax reform, repealing the tax shield and at the same time reducing the wealth tax.

If the program of the Socialist Party is not considering special tax aimed at the richest, yet it provides to increase the progressivity of the income tax, now he considers unfair. His plan for 2012 provides for merging the income tax and the CSG, with the aim to simplify taxes and make it more redistributive. An idea which is also his way to the right, particularly in Jean-Francois Cope and Henry Gaino. The pen of the Elysée found Saturday morning in Libération that the proposal "is worth pondering. A condition to be very attentive to the issue of escalation, "he said.

Following this announcement, the title PagesJaunes fell by almost 10% to 5.523 eurosdans early trade while the CAC 40 index opened down 0.14%.

Natixis the broker remains confident despite this warning: "This does, we believe, not question the underlying improvement in activity and the mix of PagesJaunes," said he.He reiterated his opinion 'Buy' with a price target lowered from 9 euros to 7.6 euros.

Orders below expectations

While the group was counting on a few months ago a stable turnover and gross operating margin (GOM) compared to 2010, supported by a growth in orders. PagesJaunes But now announces that "the orders booked by the group in the second quarter of 2011 were not up to expectations." He warned then that "it will not be able to maintain its objectives of stability in sales and gross operating margin for its entire fiscal 2011."

Social movements are related to a "business reorganization plan," said PagesJaunes, which is "the specialization of some of the sales force in certain sectors and an ongoing relationship throughout the year with advertising customers across multiple channels. "

But "if social conflict is, without doubt, the recovery in activity, it is indeed confirmed for nine months," analysts at Natixis relativize. The controls have in fact increased by 1.4% in the fourth quarter 2010 and 3.1% in the first quarter 2011 improved early in the second. "Like the mobile (100,000 customers at end-March), we remain confident about the monetization of investments made by the management for three years," adds the broker.

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Admittedly, the stakes are also unpublished. The Wall Street as investors Journalrapporte particularly experienced such a number of asset management, BlackRock, the insurer MetLife or the Federal Reserve (Fed) of New York complain about the conditions of sale of so-called "subprime," these products complex financial risk that formed the heart of the Great Depression of 2008.Symbol of a finance gone mad, these "subprime" were associated with variable rate mortgages granted to families with poor credit. Their value plummeted after the collapse of the U.S. housing bubble, which caused a series of foreclosures and debt of thousands of homes.

These individuals will not receive the compensation that Bank of America has agreed to pay. Indeed, they are used only for investors who are customers of Countrywide Financial, now a subsidiary of Bank of America in January 2008. The specialist mortgage lending in the United States had sold to investors of financial products like subprime for an initial value of $ 105 billion accompanied by guarantees on the composition of their portfolios.But soon after, with the bursting of the housing bubble in the U.S., these investments have proved extremely risky, losing most of their value. Investors who bought these financial products from Countrywide Financial believe to have been cheated, since the original contractual terms have not been met.

The case could set a precedent

Bank of America for months trying to resolve this embarrassing litigation, inherited directly from the acquisition of Countrywide Financial. But until now the CEO of Bank of America, serving for a year and a half, has refused to pay for past investments, arguing that investors had acted knowingly.By agreeing now to pay the full price, so it gives a signal again, and strong.

This case may give ideas to other investors who lost big in the collapse of the "subprime". Thus, other banks like Wells Fargo or JPMorgan could also be directly affected by requests for compensation.

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