The exposure of European banks to the debt of Dubai and societies that are attached is estimated at around 13 billion euros, according to a note published Thursday by the bank Credit Suisse after the moratorium request made Wednesday by the emirate.

Analysts at Credit Suisse indicate that exposure of European banks in the Middle East does not exceed 1 to 2% of their commitments, Dubai represents only a portion. Assuming Dubai and parastatal entities would default on 50% of their debt, the bill would amount to 5 billion euros for European banks, which would represent an increase of 5% of their reserves for 2010 by note.

The total debt of Dubai was estimated at 80 billion dollars in 2008, 70 billion dollars to support public companies.Dubai World, a company of shares of the emirate, it weighs only 59 billion dollars of this amount.

Analysts surveyed by Dow Jones Newswires, exposure would exceed the amount estimated by Credit Suisse and reach about 26 billion euros.

In his note, Credit Suisse mentions numerous names of European banks, including Britain's HSBC, RBS and Barclays, and the French BNP Paribas and Calyon (Credit Agricole), Deutsche Bank and UBS of Switzerland.

Questioned by AFP, Calyon, a subsidiary of Bank Financing and Investment Credit Agricole said its exposure was "weak" and concerns including syndicated loans (loans to a company by several banks).

Credit Suisse said its exposure was "not significant", while UBS has declined comment.The Dutch ING has reported that its exposure was "manageable" and that he had "no reason to revise its estimates of cost of risk" (unpaid customer).

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A first step was taken in the Senate on the reform of business tax (TP). By 178 votes against 159 senators have endorsed the Saturday meeting place in 2010, this tax criticized for years by the economic contribution territorial (CET). For businesses, the CET will be two pillars, one part based on the value of buildings (known by the Senate premium land) and another based on the value added (known contribution of value added).

While the UMP group voted in favor of the project. Of the 23 senators slingers who followed Jean-Pierre Raffarin, a single, Philippe Dallier, this was Saturday, and it approved the text. Does this mean that the government bailed out? Not really. Saturday's voting is not worth carte blanche, because only the part concerning the tax relief was discussed.The second block of the reform, one that poses problems and concerns the distribution in 2011 of the new CET and local taxes between municipalities, counties and regions, will move into meeting in a fortnight. "We are mid-term," said Jean Arthuis, the centrist chairman of the Committee on Finance of the Senate.

This weekend, the Senators have at least given their key. Against the Government's view, they decided to charge companies with more than 500 000 sales a minimum contribution of 250 euros. With the original scale and allowances game, only companies with more than one million sales have actually paid the premium on the value added."The performance of the minimum contribution would be 60 million and affect 235 000 SMEs, pleaded in vain for the Economy Minister, Christine Lagarde.

Points to address thorny

The senators also raised from 3% to 3.5% of the maximum value of the ETC for businesses. But the government will vote again this amendment. Furthermore, professionals have been partly heard by the Senate. Liberals who employ fewer than five employees and are on a diet of non-profit business have a special base of taxation, accounting and property equal to 6% of revenues. The Senate reduced this rate to 5.5%.Finally, the High Council has granted compensation to local communities better for the transition year which is 2010.

The Finance Committee of the Senate, including its general rapporteur UMP, Philippe Marini, will now work hard on the second phase of reform: the redistribution of local taxes in 2011.If technical solutions are emerging, especially for municipalities with many SMEs, it remains a sore point: the possible award of a larger share of the pie of value added to block municipal … We'll see also if the meeting " revoyure clause "(review of the distribution of taxes before July 31, 2010 and if the skills of local change) is enough to calm the spirits.

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The elderly, sick or disabled will now have access to a monitoring service with their factor. Postal workers, trained for this purpose can install packages from home telecare. The device consists of a box connected to a telephone and a locket or a watch bracelet to prevent immediate relief in case of problems, 24/24 and 7 / 7.

After a successful experience in Loz?re, La Poste has generalized the scheme by signing an agreement Tuesday with the National Association of home service (ADMR). The association has already installed 80,000 boxes Filien baptized and hopes to quadruple that figure through this partnership.

In addition to this initiative, the Post Office is launching a range of local services baptized Factors + services.The public institution has been the meter of gas from two suppliers (and Butagaz Totalgaz), and the opening and closing meter when moving. It also tests the carrying drugs or books, CDs and DVDs borrowed in a library. Other promising: the installation of adapters TNT with older adults to accompany the transition to digital television.

With the sharp decline in volumes of mail delivered, the Post Office relies on its field presence and good image of its factors to multiply these services.

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To adapt to the crisis in air transport, Air France, like other airlines called "majors", decided to rethink its medium-haul product, ie flights which term is understood between 3 and 6 hours. A new offer which will be implemented from 1 April 2010. Instead of reducing the service drastically, as did its competitor, Air France decided to maintain the same level of service differentiating by class of travel.

The cabin is now divided into two parts. At the front of Class Premium Economy (the former Tempo Challenge) and the Premium Business Class (formerly Space Affairs) will be consolidated and will no longer be separated by a curtain. Both classes will be entitled, as before, the same meal service, but passengers will be seated Affairs four abreast, while Premium Economy passengers will be six.Those travelers will still be entitled to 30 kilos of luggage, two units if they wish, and they have the freedom to choose their seat.

At the rear of the cabin, economy class where the service will be reduced but will remain free. Passengers will still be entitled to a free allowance of 20 kilos of luggage, but in one unit. In fact, 14% of passengers who were carrying more baggage will either consolidate or pay extra. One way for Air France to make them bear the cost of baggage multiple handlers for it to charge for their services part.

Tickets become tradable through all 50 euro

A booking passengers can choose between a window or aisle seat. All tickets will become tradable through 50 euros, even for the lowest rates. On the other hand, no need to settle the tickets now.Subject EUR 10 passengers can keep their option for 7 days.

All fares are combinable, which curiously is not the case today, we may as well enjoy the best rate in both directions. On the other hand, the French company will significantly reduce its price, around 20% in Premium Economy, the preferred class of business because the tickets are changeable, exchangeable and refundable. This new medium-haul product is also expected to review the number of flight attendants on board approaching the international rule of 1 to 50 passengers. Some devices like the A321 was still crewed more fleshed out.

Finally, to avoid "slept out" of its crews, Air France will remove some routes late departure of France abroad and return the next morning morning.This should not affect the passengers, the airline based in most cases on its partners to perform. For example, Alitalia in Italy and Air Europa in Spain or Austrian to Austria. One wonders, however, that in this consolidation, Air France did not extend to European capitals to use his membership card, which has been very successful in France. This would have enabled SMEs to obtain discounted rates as well as large enterprises and Air France to better retain its customers by diverting the low-cost.

While the luxury sector has been one of the most affected by the crisis, the French group Herm?s reviving a double-digit growth of its business. Revenues in the third quarter and reached 452 million euros, an increase of 10% a year.

Sales growth was particularly strong in Asia, with 16.2% increase over one year to 195 million euros. Excluding Japan, revenues increased up to 37.2% in Asia. Europe shows a more moderate gain of 3.9% to 177 million euros

If changes in the activity of Hermes are marked according to geographic areas, they are also in terms of "jobs". In the various sectors of the group, leather goods recorded the highest growth with a gain of 24.8% to 223.5 million euros.The tableware however fall of 12.3%.

In the first nine months of the year, the turnover of the group comes up from 8.5% to 1.33 billion euros (+1.4% at constant exchange rates).

"If the trend observed since the beginning of the year continues, the annual target of stable turnover rate constant exchange will be slightly exceeded," Hermes said in a statement. The rise of the euro should still remain to the operating result in negative territory, "the order of 5%" over the year.

The title listed on the Paris bourse, gained 2.42% to 99.16 euros at the market opening.

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The first Monday of November provides macroeconomic statistics U.S. very encouraging. This is especially true when we know that two of them affecting a key sector of the economy: real estate.

According to the monthly survey from the National Association of Realtors (NAR), the number of promises of home sales rose in September for the eighth consecutive month, jumping 6.1% from August. This brings the index to a level of 110.1 against 103.8 (confirmed) in August, a highest since December 2006. In one year, promises of sales increased by 21.2%. Lawrence Yun, an analyst quoted in the press, says a rush of first-time buyers trying to "benefit from the tax credit before it expires.

Real estate still a good news side of the construction costs.These were conducted in September their strongest growth last year, according to figures released Monday by the Commerce Department. Spending and advanced 0.8% from August. A surprise to analysts who had forecast a decline rather than 0.2%. September's rise puts an end to four consecutive months of decline in construction spending. In one year, are falling by 13%. The real estate sector, whose bubble burst in 2007 sowed the seeds of the current financial crisis, followed closely by the markets.

Finally, in a totally different register, the manufacturing sector was also surprised analysts. The index of the Institute for Supply Management (ISM) is in fact emerged in October to 55.7 against 52.6 in September. Analysts had expected a figure moving around 53."Economic activity in the manufacturing sector grew in October for the third consecutive month and the overall economy grew for the sixth straight month, the ISM wrote in the report of its investigation Monthly. This index was back to over 50 last August, boundary between contraction and expansion activity.