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The news is reassuring. With a large majority, the Bundestag adopted the new rescue plan the Eurozone. If the vote was little doubt that the amplitude of the majority was still uncertain.

Exactly 523 of 620 deputies voted "for", said the chairman of the meeting Norbert Lammert. Germany is the eleventh country to approve the expansion of the envelope and the powers of the European emergency fund created in 2010 to assist countries in the euro area in need. This will be the largest contributor.

The new rescue plan foresees an expansion of European powers of the fire in the euro area, the Financial Stability Fund (EFSF), and increased its capacity from 440 to 780 euros milliarsd.

• Individuals involved to the tune of 5.6 billion euros

– Removal of exemptions for allowances holding period on capital gains property, excluding exempt principal residence (2200000000)

– Increase of 12.3% to 13.5% payroll taxes on capital income (1.3 billion)

– Removal or reduction of exemptions from the CSG (800,000,000)

– Increase in tobacco prices by 6% (600,000,000)

– Increase the tax and social taxes on liquor (300,000,000)

– Introduction of an outstanding contribution of 3% on very high incomes, above 500,000 euros.Some 10,000 homes were affected (200,000,000)

– Creation of a tax on sugary drinks (100 million)

– Device Scellier: decrease of 22% to 14% rate of tax reduction for investors buying new low-energy housing for rental (about 100 million euros)

– Introduction of a progressive tax (from 10 to 40%) for owners of "good rooms" applying the rents to be too expensive (over 40 euros/m2), mainly in Paris (1 million)

– Decrease of 18% to 12% rate of tax reduction for purchases in retirement homes, tourist and student (nearly 10 million)

• The companies affected to the tune of 4.8 billion euros

– Reduction of deferred losses for a harmonization of corporate taxation with Germany.- Revision of scale of the tax on company cars (100 million)

– Creation of a 2% tax on hotel stays at or above 200 euros (90 million)

– Creation of an exceptional tax next year on sales of large industrial duty subject to quotas of CO2 (200 million)

– The draft budget provides for operators to bear the costs of a possible interference of DTT with the new 4G mobile radio frequencies that will be awarded in early 2012.

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After two sessions of gains, the Paris Stock Exchange is divided into negative territory on Friday. At the close, the CAC 40 lost no less than 3.60%, and returned to below 3000 points to 2974.59 points. All index values ​​have completed the session in the red. In its wake, London and Frankfurt show respective losses of 2.36% and 4.13%. Milan, meanwhile, lost no less than 4.93%.

Once again, the banking sector has suffered the wrath of investors. He has stepped up its losses when that Jürgen Stark, member of the Executive Board of the ECB, announced his resignation for "personal reasons" according to the statement of the ECB.The chief economist of the institution has repeatedly expressed his opposition in recent weeks to buyback of government bonds led the ECB to ease the most fragile countries in the euro area.

In addition, the statements of Christine Lagarde, under which a liquidity crisis was not to dismiss as some banks needed additional capital, also weighed on the trend. "This is the effect Lagarde. These statements primarily affect banks that are considered the least well placed in terms of capital ratios, "said one trader.

Result: Société Générale, signing by far the largest decline of the day, tumbling from 10.58% to 17.44 euros.Behind her, Crédit Agricole loose 7.77% to 5.40% euro Natixis 7.60% to 2.40 euros, BNP Paribas 7.54% to 29.80 euros and Axa 7.59% to 9.39 euros .

The opening of the G7 finance ministers and central bank governors of leading industrialized countries, on Friday afternoon in Marseille to find answers to the crisis, will not have enough to reassure the markets.

Obama's plan is not reassuring

Investors also received without enthusiasm details of the plan unveiled by the Employment Barack Obama in the night. U.S. President presented a draft law on the release of 447 billion for the Americans out of unemployment."This plan will give an electric shock to an economy that has stalled, will give confidence to businesses on the fact that if they invest and hire, there will be customers for their products and services," assured the U.S. president to members of Congress .

Clearly, the operators seem to doubt the implementation of this plan. Its funding is already generating questions from Republican opponents could block a vote. Barack Obama urged them to adopt "immediately". The U.S. president also announced that it will issue on September 19 "a deficit reduction plan more ambitious."

Similarly, investors have also not appreciated the remarks of the President of the Federal Reserve on growth and employment on Thursday night.The Fed "will do everything it can to participate in the return of growth and employment rates," said its chairman Ben Bernanke, minimizing inflation fears. This speech, however, feeds the assumption of a new effort of quantitative easing, which could be announced at the next meeting of the Monetary Policy Committee of the Fed, scheduled for September 20 and 21.

Inflation slows in China

Also on the macroeconomic front, Japan has this morning reported a decline of 2.1% of GDP in the second quarter 2011 annualized. This is more than the 1.3% decline initially estimated. The main factor weighing on GDP has been the decline in exports (-4.9% from January to March).

In China, rising consumer prices, the main barometer of inflation, which had accelerated in recent months, slowed slightly to 6.2% in August.Industrial production is she up 13.5% in August.

In France, industrial production rebounded 1.5% in July after a decline of similar magnitude in June, show statistics released Friday by INSEE. The budget deficit of the French government fell in late July to 86.6 billion euros, against 93.1 billion euros a year earlier, thanks to lower costs, said Friday the Department of Budget .

United States, wholesale inventories reached a record high in July, rising 0.8% to 462.4 billion dollars, an unprecedented amount, in accordance with market expectations.

As for currencies, the euro Friday pressed below the $ 1.37 for the first time since late February, weighed down by concerns about increasing the economic health of the euro area and the global economic recovery.At the close, the European currency fell to 1.348 dollar (-1.70%), its lowest level since Feb. 23. For its part, the oil appears also down, despite a surprise drop in U.S. inventories. A barrel of "light sweet crude" for October delivery trading at 86.65 dollars, down 2.70%.

Values ​​to follow

• TF1 (-7.20% to 9.54 euros), M6 (-6.51% to 13.29 euros) Bolloré (3.37% to 161 euros), Vivendi (-0.25% at 16 , 05 euros); NextRadioTV (-0.39% to 10.10 euros)

Chains react in a disorganized to take control of Direct 8 Direct and Star, two DTT channels free of the Bolloré Group, Canal +. The subsidiary of Vivendi will have three DTT frequencies. Be as much as TF1 and M6 more than the group which, in addition to the namesake chain, has only W9.For this operation, fully financed by shares, a stake Bolloré group Vivendi.

• Total (-2.47% to 32.83 euros)

The Anglo-Dutch oil group Shell said Friday that oil was discovered off the coast of French Guiana, during exploratory drilling at about 150 km off the coast.

• Sopra (0.69% to 45 euros)

The group announced the takeover of Delta, specialized in banking software.The transaction is expected to close in early October 2011, will be financed from existing credit lines of business consulting, IT services and software.

• Pierre & Vacances (-4.71% to 37.19 euros)

The group, which operates much of the accommodation ski resorts, opened 369 new tourist residences furnished this winter.

• ArcelorMittal (-7.49% to 13.02 euros)

The group will close as of October 3 for an indefinite period and the second blast furnace at its site in Florange (Moselle), according to a union source quoted by AFP.

• EADS (-1.34% to 21.35 euros)

The group said on Thursday not want to use all of its $ 16 billion (11.45 billion euros) in cash for acquisitions.

The Paris Bourse has continued to widen its losses on Friday. After an opening down 1.19%, the CAC 40 slipped 3.5% in response to the publication of U.S. employment figures earlier this afternoon. Then the index was down enccore in the red, losing up to 4% just before 17 hours. Finally, the CAC shows a significant decrease of 3.59% to 3148.53 points, under the 3150 points. No value of CAC has been able to climb into the green on Friday. For the week, however, the Cac 40 shows a gain of 1.97%.

Elsewhere in Europe, the Milan Stock Exchange closed on a fall of 3.89%. In Frankfurt, the Dax lost 3.36% at the final bell and the FTSE in London fell by 2.34%.The European indexes have been sealed by banking stocks, which still suffer from concerns over European debt, including the stalled talks in Greece.

Thus, investors have been cooled by zero job creation in August in the United States. In July, the first estimate of recruitment was greatly scaled down from 117,000 jobs created to 85,000. The unemployment rate remained steady at 9.1%, as expected. "The labor market is expected to remain sluggish in the medium term and the unemployment rate should rise slightly or remain at its current high level" of 9.1%, says Inna Mufteeva at Natixis.This publication reinforces the eyes of experts, the probability of a new monetary response from the U.S. Federal Reserve at its next meeting on September 20 and 21.

In addition to the waits before publication of the report, traders were disappointed by yesterday's U.S. indexes mixed. The weekly jobless claims have fallen and certainly the contraction was avoided in the manufacturing sector, but construction costs and productivity plummeted. In addition, the White House confirmed the pessimism about the weakness of the recovery across the Atlantic in scaling back its growth forecasts.

Euro stable

On the foreign exchange market, around 17:30, the euro 1.4207 dollars, against 1.4260 on Thursday, its lowest level in three weeks.Yesterday, the euro had fallen sharply under the impact of renewed concerns vis-à-vis the health of the euro area, where industrial activity contracted in August, unlike the United States.

In France, higher energy costs caused a 0.5% increase in producer prices in July in the euro area, as expected, but overall inflationary pressures subside to the extent that the area economy patina.

The bank collapse

Fear seizes even Greek European banks. The establishment of a second aid plan seems to be complicated. The troika of creditors of Greece left Athens Friday, giving the government 10 days to advance structural reforms in the country, weighed down by a recession that will prevent it from holding its budget savings target.In Paris, Crédit Agricole fell 7.38% to 6.65% Societe Generale, BNP Paribas and Axa of 6.24% to 5.73%.

Arcelor-Mittal: -6.10% to 14.17 euros

The group plans to resort to short in the fourth quarter at its plant in Florange (Moselle), and will ask 600 of the 3,000 employees of the plant to take RTT in September, officials said Thursday a union source

Total: -2.69% to 33.40 euros

The oil will extend all over France its network of service stations at low prices, after tests conducted last year in dozens of outlets, according to Les Echos.

France Telecom: -2.37% to 13.17 euros

The operator has received numerous expressions of interest for its Swiss division, told Reuters CEO Stéphane Richard, noting that financial market volatility would not affect projects sales of assets of the group.

Bouygues: -2.14% to 25.61 euros

The Standard & Poor's announced that it placed the long-term rating of A-group under review with negative implications following the announcement by him of a proposed acquisition of securities.

Sanofi: -3.25% to 49.75 euros

The group confirmed Thursday it has reached an agreement with Pfizer to produce in France generic versions of Lipitor, the cholesterol featuring the American group.

EDF: -3.23% to 20.95 euros

Goldman Sachs has revised down its price target on the title, which goes from 49 to 31 euros, while remaining on the purchase value.

Carrefour: -2.83% to 17.66 euros

HSBC lowered its recommendation to "overweight" to "neutral" and target price of 30.50 to 20 euros.

Stallergenes: – 0.81% to 49 euros

The laboratory of immuno-allergic Thursday announced a net profit up 18% in the first half to 23.7 million euros, benefiting from the "business growth" and a "moderate increase spending research and development. " In the process, Oddo is to reduce its recommendation to neutral.

Safran – 2.77% to 27.05 euros, Suez Environnement: -4.23% to 11.09 euros

Saffron is the best candidate for an entry in the CAC 40, while Suez Environnement, whose price has fallen heavily since the beginning of the summer, should come out, say professionals in the Paris Bourse.

Nyse Euronext – 1.93% to 18.56 euros

The London Stock Exchange has confirmed a press report that it is discussing a possible settlement with LCH.Clearnet.Discussions are at a preliminary stage and there is no guarantee that it would, he said.

Neopost: + 10.39% to 56.30 euros

The group raised its forecast of annual sales for the second time, following an accelerated growth in the second quarter, thanks to the dynamics of North America.

At the time of the near-victory against the Gaddafi regime, France officially unveils the treasures accumulated by the Libyan dictator in France. The Elysee Palace announced on Wednesday that 7.6 billion euros of assets had been frozen since the European decision to this effect from 21 March. Initially, Paris has requested authorization from the UN to release 1.5 billion euros by the end of the week. This is to meet the emergency needs of the rebels of the National Transition, said the president.

The request of France aims to prepare the international conference on the future of Libya after the fall of the regime of Muammar Gaddafi. The question of a thaw in Libyan assets will be the focus of discussion. The financial stakes are considerable: the Gaddafi regime has accumulated through the sale of oil and gas, about $ 200 billion worldwide.Among others, the United States had announced in late February, have frozen $ 30 billion, the Bank of England 13.587 billion dollars.

The Security Council authorized the UN London Tuesday to release $ 1.6 billion in frozen Libyan assets to provide humanitarian aid to Tripoli. The UN has also agreed Thursday to release $ 1.5 billion of assets invested in U.S. banks. Germany still waits for its green light to unlock the Council about a billion of Libyan assets frozen and Canada intends to thaw $ 2 billion (1.38 billion euros). The Italian government has already promised to thaw a first tranche of 350 million euros.

The CNT eye on the jackpot for any rebuilding, put the country back in working order pay day advance."Our success will depend on the release of frozen funds" abroad, called Mahmoud Jibril, the number two of the rebels on Friday in Istanbul. "The battle of the reconstruction will be even more intense" than the war, he warned before. The transition looks perilous time and the payment of salaries of civil servants would prevent a resurgence of stabilization.

Disappearance of 25% of funds in three months

To this day, and unlike most other European countries, Paris refused to disclose that it had frozen Libyan petrodollars. However, statistics from the Bank of France, limited to transactions between banks between the two countries, indicated that at December 31, 2010, French banks harbored 8.23 ​​billion dollars (5.84 billion euros).Mysteriously, this amount has shrunk from 25% in 3 months (-2.1 billion, or $ 1.45 billion), while the wind of revolution blowing in the Arab world and earned Libya.

Impossible, from these statistics alone, to know where these billions have evaporated. It could be, as explained a French officer in April, a "reorganization perimeter" in the very opaque investment fund public Libyan LIA. Or capital flight, as was increasing international pressure on the Libyan regime, squeezed by the Tunisian and Egyptian revolutions.

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After the publication of figures showing a drop in road deaths in July, Claude Gueant, Interior Minister, said these positive results. But it is clear that motorists continue to use warning radars, despite the ban. However, serious accident, said he, there is always a judicial inquiry.

LE FIGARO. -Less killed in July: how do you explain these good numbers?

Claude Gueant. -A 21% decrease in July (358 against 453 killed, Ed), this means first that it is possible to make further progress! This result is related to the strong mobilization of law enforcement, especially on the occasion of the leave.

The balance of the year is pretty bad. Moreover, the French lost more than 10 million points allowed in 2010. A record. Up including speeding and alcohol-related offenses.What do you do?

I recall that in 2009 75% of French drivers have all their points and only 0.2% of drivers had their licenses invalidated the 40 million motorists. Regarding the results of 2011, waiting for the end of the year. If the trend continues in July we will once again below the threshold of 4000 deaths. With regard to speeding and drinking and driving, these twin evils remain government priorities in road safety.

Is there not been, lately, a certain cacophony around the various measures taken on the radar?

The measures of the last IRB (Interministerial Committee for Road Safety) is essential if we are to achieve the target set by the president to go below the threshold of 3,000 killed.Among the measures agreed, that relating to the removal of signs announcing speed cameras has sparked debate. We have heard comments from elected officials and, in agreement with the Prime Minister, we decided to launch a plan to install radar teaching. There was no cacophony. There has been listening and dialogue.

How quickly are they teaching radars to be installed?

To date, 80 radars are installed in 47 teaching departments. 200 more will be installed by the end of September 2011. The new market will eventually install 4,000 cameras teaching.They will be installed in hazardous areas, which may or may not include fixed cameras, but also mobile controls.

What is the cost of these facilities and the withdrawal of the previous panel?

The cost of installing a radar teaching will depend on the installation conditions, but the average cost is estimated at € 10,000. Be financed by the proceeds of fines. The unit cost of removing a panel from its destruction by the standards in force (with reprocessing of materials) and the restoration of the original site but is difficult to assess the overall cost could reach 4 fast cash.5 million euros.

The warning radars will become a driving aid.What this will change for their users?

On 28 July, I signed with Afftac (French association of providers and users of technology-driving) a memorandum of understanding to transform the warning in wizard driver assistance. These technology tools will indicate dangerous areas and points of specific hazards, such as the presence of a school.

Is it possible to effectively fight against those who still use alarms, implemented in a mobile phone?

The agreement signed provides for the end of such applications, but I am well aware that some will always use technology to possibly circumvent the rule. I want to remember that every serious accident resulting in a judicial inquiry at which the investigation will test the use-or not-of this type of material.Possession of prohibited materials or application involves the responsibility of each and may result in sanctions.

Industrial PV: State attack victims

The nightmare continues for motorists who, having sold their car, receive the PV from the new owner. While the Interior Ministry promised to remedy the situation related to the new system of vehicle registration, they are still likely to see their accounts seized. This is what the National Association denounced the defense of victims of injustice. Thursday, 74 of its members have given their record in the hands of a lawyer to attack the state. And require 1 million in damages. "It has all the evidence the administration, but to no avail.Moreover prefectures overwhelmed accumulate delays of several months to process cases, "lamented the president of the association, Daniel Merlet. "I sold my car a year ago, and I still received a ticket," he said. Another has received several hundred dollars, and yet another saw its PV canceled but immediately reissued in his name.

Last April, the Interior Ministry had made changes to the administration takes into account the declaration of assignment of the seller. Far and to update its files, it was waiting for the formalities of acquisition. If they were not made, the former owner of the vehicle was therefore responsible. Nevertheless, the anomalies continue."It deals with situations case by case," they say Place Beauvau.

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The figures were eagerly awaited by the markets. While the U.S. Department of Commerce announced that day that household spending had declined in June for the first time since September 2009, Chrysler, General Motors (GM) and Ford reveal a jump in sales in July.

The prize for the largest increase returns to Chrysler, which recorded an increase in sales of new cars by 20% last month. Chrysler, owned up to 53.5% by Fiat, said it sold 112,026 units, particularly the Jeep. "In a still very difficult, we make our best sales performance in over three years, welcomes Reid Bigland, head of U.S. sales."I think this figure is the ultimate illustration of the progress we have made to our products in terms of economy of oil, quality and design."

Behind Chrysler, Ford announced a 9% increase in sales of new cars on American soil in July to 180,865 units. "We are pleased to see a stronger pace of car sales, with a continued demand from consumers for our fuel efficient cars, our trucks and trucks," said Ken Czubay, head of U.S. sales USA.

The number one market, General Motors, he, reported a 7 saving account payday loan.6% increase in sales last month to 214,915 new cars sold against 199,692 a year ago. Up to the manufacturer to strong sales of Chevrolet, one of its brands, and the resilience of its new models.

The recovery remains fragile

Despite these results, analysts remain skeptical. These sales figures are in line with expectations and manufacturers are affected by cons-productive effects of higher prices to consumers still reluctant to spend.

The consensus then averaged over U.S. car market at an annualized rate of 11.8 million cars in July. A level below the rate of more than 13 million that prevailed earlier this year. Confident, GM, him, reiterated its forecast of a U.S. auto market between 13 and 13.5 million units. But his optimism is not enough to convince investors on Wall Street. GM shares lost 3.71% to 27.03 dollars a barrel in a market down by 2.19%. Following the same movement, as Ford unscrewed from 4.13% to 11.84 dollars.

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The luxury is doing well. PPR and the results exceeded expectations after the first half. Over the period, net earnings excluding items of luxury group and distribution rose 24% to 466 million euros against 440 million euros expected on average by analysts. Current operating income has increased it from 14.5% to € 749 million while gross margin was 10.4%, an improvement of 0.7 points.

As for income, they have soared from 7.3% to 7.2 billion euros, a figure in line with analysts' expectations. The activity of the house owner of Gucci, Puma, Redcats and Fnac was supported by the luxury division posted organic growth of 23.2% and 24.4% in the second quarter alone, where analysts had forecast an increase of 19%.In contrast, the distribution center, to be sold by the group, saw its sales fall by 1.4% semi-annual (in like), hit by poor performance of FNAC (-3.2%) to facing an extremely difficult environment in France, while Redcats, the specialist distance sales fared better, with revenues up 0.8%). For its part, the sporting goods company Puma has seen its sales increase by 9.4%.

Based on these results, the group says "confident" to get the second half of "sustained growth in sales and financial performance over 2010."

EU leaders Thursday night put on the table a series of measures to help Greece, but also to convince that there is solidarity in the euro area.

Save Greece

Jean-Claude Trichet, President of the European Central Bank on Thursday. Photo credits: Georges Gobet / AFP

Business leaders employing between 250 and 5,000 employees and producing between 50 million and EUR 1.5 billion in revenue, also called medium-sized companies (ETI), are confident. According to the first barometer of medium-sized companies conducted by Ifop on behalf of PricewaterhouseCoopers (PwC), 84% of managers are particularly optimistic about their companies.

They are, however, that 56% said that their morale is good when they are asked about the international situation. And 48% share this view when they consider the French economy. "More companies are international, they are more present in Europe and Asia, their leaders are more optimistic," says Bernard Gainnier, partner in charge of developing the audit firm and PwC Consulting.

Sign of good health, the main activity indicators are rising.Whether it's sales (62%), investments (44%) or the order book (43%). Nearly two-thirds of companies plan to hire in the next four months. Those employing more than 800 employees plan to hire 26 people. And over a third of its capacity will increase recruitment.

For control of the tax shield

Despite these positive signs, one in two managers said that his company's growth is constrained by taxes, either in the form of payroll taxes or taxes. 48% guarantee to be disabled by the price of raw materials. More than a third lack of visibility on its business. This figure reached 50% in the financial, technology and entertainment.

Nearly four in five managers believe that governments do not realize enough effort to promote the development of their businesses.They are calling for a legal and fiscal stability. But they are supportive of the measures on the taxation of wealth proposed by the government in May: 62% say that the possibility of being exempt from the TFR is a good idea. 56% say that removing the tax shield is a good measure. In contrast, 78% condemned the increase in transmission costs. Logic, as members of the founding families and leaders often hold the capital of such company.