After some hesitation, the euro was again driven up, dollar at 1.4220 on Monday early evening, against $ 1.41 on Friday evening, after concerted action by the G7 to ease the course the Japanese currency. The yen remained, he, always a downward trend, losing 0.7% against the dollar after dropping 2% Friday and 0.6% against the European currency.

Parallel to the stock market recovery, the rebound of the euro reveals a new investor appetite for risky assets, while the Japanese nuclear disaster appears to be cooling."But beware: this movement may be tempered by the evolution of the military situation in Libya," warns Michael Hewson, CMC Markets, the interest of financial markets having moved on for a week -end of the central suburbs of Tripoli in Fukushima …

"Confidence in the euro area is gradually returning," said Kathy Lien, currency trader for GFT Forex in New York, quoted by Bloomberg. "Despite the threats to certain liabilities of the euro area, foreign investors can not ignore this region of the globe."

Monetary stance

The orientation of European monetary policy more sensitive to inflation threat than it is in the United States or in Britain, uses the euro for three weeks low fee payday loans.The European Central Bank said in early March, she was ready to go back next month its key interest rate to avoid "second-round effects" of inflation, that is to say a contagion Imported oil prices to other prices and wages. Having feared a major impact of the disaster on Japan the euro area, and abandoned its proposal, the European Central Bank would be generally prepared to raise its interest rates at its next meeting. On Monday, the announcement by the U.S. Treasury at the beginning of the resale of mortgages – 10 billion dollars a month – has to bend the euro against the dollar.

But the European currency has resumed soon, because despite the resale of assets, the Fed seems determined to maintain a highly accommodative monetary policy during the coming months to support the recovery very slow labor market.Despite an inflation target well above the Bank of England is also very divided on whether to tighten its monetary policy. As for the Bank of Japan, it stands ready to inject as much liquidity as necessary to avoid the financial collapse of the Archipelago.

The Paris Bourse is again very cautious in the beginning of this week, having already collapsed to 1, 23% last week, uncertainties about the global oil production has not improved over the weekend. At the opening, the benchmark index in Paris fell back to 0.55% from below 4,000 points.

Oil prices remain in effect under pressure Monday as Libya appears to sink into civil war. However, the country's fourth largest oil exporter in Africa after Nigeria, Algeria and Angola. The bulk of its exports destined for Europe. In morning trading, a barrel of light sweet crude gained $ 1.33 to 106.02 dollars.That of Brent North Sea was up 59 cents to 117.13 dollars.

Apart from the Asian markets, reassured by a drop in the yen against the greenback and the euro, the stock performance has been more mixed than the end of last week. The key index had dropped 1% in Paris on Friday night, amid bad news in the Arab countries and fear of rising interest rates after the words of Jean-Claude Trichet. Despite the employment figures in the United States better than expected and an early meeting in the largely green, Wall Street has finished its part of his week down 0.74% at 12,168.10 points, overtaken by the new surge in oil prices.

Beyond the uncertainties on oil, European financial markets are also new costs to fears about sovereign debt of the states of southern Europe, while the rating agency Moody's announced that it lowered three notches note of Greece (from Ba1 to B1), with a negative outlook. On other European markets, the Dax in Frankfurt Stock Exchange opened down 0.57% on Monday to 7,137.81 points and the FTSE in London back in turn of 0.26% to 5974.78 points.

On the foreign exchange market, the euro was stable against the dollar this morning, is now touefois just below the $ 1.40 threshold that had briefly passed Friday for the first time in nearly four months. Despite profit taking in morning trading, the European monnaire dollar traded at 1.3979 on Monday around 8:00, the same level as Friday night cash advance no fax.

On the front macroeconomics, few major indicators are expected to attend the first meeting weekly. United States, only the distribution of consumer loans, expected to 20:00 Paris time should attract the attention of operators.

Stay tuned especially today on the Paris exchange, the values of the aviation sector, while the Union of French airports (UAF) held this morning at 11:00 a press conference to present the results of activity of the French airports in 2010 and the outlook for the current year.

Nexans suspected of price fixing

LVMH

The world number one luxury takes 51% stake in Italian jeweler.LVMH could then launch a friendly takeover of the outstanding capital of Bulgaria.

EADS

Chairman of EADS North America, Ralph Crosby, announced that the group of European aerospace and defense would not challenge the award to Boeing's tanker contract from the U.S. Air Force.

Nexans

Cable manufacturers Nexans, Prysmian, ABB and many others of their counterparts will probably accused this month by the European Commission of unlawful agreement on prices, said Friday two sources familiar with the matter.

Accor – Fimalac

The hotel group announced the closing of the sale of its Fimalac 49% stake in Groupe Lucien Barriere, the leading French operator of casinos and luxury hotels such as Fouquet's on Champs-Elysees or Normandy, at Deauville.

Saffron

Safran said he would propose at a general meeting to abandon the current dual structure of society and return to a structure with board of directors.

Sanofi-Aventis

The laboratory has extended the offer for all the outstanding shares of Genzyme, for 74 dollars each, according to a statement released Monday. This offer ends on April 1 at 23:59 AM New York when she was previously scheduled to expire on March 16 at 17:00.

After market, Altarea Cogedim present its annual results.

This is one of the last players on the French toy market. Jemini – which manufactures and distributes soft toys, small furniture and accessories for children to color Spiderman, Dora the Explorer, Winnie the Pooh and Barbapapa – goes into high gear. A year after merging with another business sector, Spel, it will go public next February 24 (Thursday). The group, which displays several years growing at double digits, yesterday announced Monday it has raised € 6.8 million private placement as part of its forthcoming entry on the Alternext market, where it will initially be valued more 38 million euros.

The aim of the group that conducted last year 40% of its turnover (about 37 million euro) for exports, is to accelerate external growth, particularly internationally.Sylver Amouyal, president of Jemini, acknowledged having "several cases in the pipeline, the European companies from 5 to 10,000,000 euros in turnover. Great Britain, where the contract of the license is 1.5 times higher than in France, is among his targets.

Jemini is unknown if the general public, its products are essential in supermarkets and specialists in the toy. Including at Conforama where Jemini is distributed over a year. Since its inception in 1986, the group has focused on the manufacture of soft toys, tableware, watches and furniture licensed around thirty characters.This market, driven by the small and big screen, now represents one quarter of toy sales in France.

Rattles pharmacy

"Jemini was one of the first to get Hello Kitty at the right time, with a true reflection on the offer to create," says Natalie Chouraqui, who co-directs Kazachok specialist license. Meanwhile, with more than 30 million euros in turnover, the small Japanese Sanrio cat became the first license in the toy. Anxious to mix new and "good value" Jemini just signed with the beneficiaries of the Smurfs will be back on center stage next year in a feature film. Jemini also sign lint Maya the Bee come back rejuvenated in 2012.

Known for the design and quality of its products, Jemini designs its prototypes in his studio in the Sarthe and has them made in China.The group now wants to convince its know-how to another distribution channel, the pharmacists, long wary of toy manufacturers. Rattles, dinner and door-nipples have been successfully tested in hundreds of outlets. The cub Lulu Castagnette be among the group of new licenses. Jemini expects its range of childcare up to 12 million turnover within three years.

Only a handful of very senior diplomats is concerned. But the symbol cringe, while the government has hammered in 2010 he had to work late to save the pensions and deferred the legal age. The Foreign Ministry is finalizing a system accessible to early retirement from 58 years to its executives.

The draft order, as Le Figaro has obtained, will be discussed Feb. 28 at the High Council of State Civil Service, the final step before publication. It will allow "plenipotentiaries" and "Foreign Affairs Adviser hors classe" (a few hundreds of diplomats for the functions of ambassador, consul or important director at the Quai d'Orsay) to receive an "end device activity "for six months to three years.Volunteers will receive a "special allowance of departure" and keep "equal pay in the amount of treatment indicial (…) plus the allowance of residence in Paris." Clearly, any salary excluding bonuses. The sum will be partially combined with income from employment in the private but also in a public company or an administration.

Conversion

The device opens up to 30 diplomats, who have until the end of 2013 to be candidates. This, the ministry said in a report annexed to "deal with overstaffing (…) related to a particular pyramid unfavorable." The same purpose had led to the same device, open to 20 diplomats in 2008-2009.

In a preparatory meeting to the Board, "the department's representative explained the need to respond if a hundred diplomats, said one trade unionist low fee payday loans.About 60 are on mission to the Quai d'Orsay, without that we know very well the nature of their mission, others awaiting assignment. In other words, paid to do nothing – often against their will. "The ambassadors are appointed by the Council of Ministers, these are very political positions, decrypts a connoisseur of the administration. Much of these diplomats are "underutilized" in Paris as labeled on the left. "

Today Minister of European Affairs, Laurent Wauquiez ensures not forgotten about his recurring on the necessary "cultural revolution" in employment of older workers, when he was Secretary of State for Employment. "The goal is that 100% of beneficiaries are switching, certainly not that they cease any activity," he assures.In the past, some have become consultants, gallery owners … "It also justifies the device by" reducing the number of posts of ambassadors, parallel to the "opening – necessary – these posts to non-diplomats." Recent examples: Serge Lepeltier, former environment minister, last week appointed ambassador "climate" in lieu of Brice Lalonde, and Jean-Christophe Rufin, a doctor, writer, ambassador to Senegal from 2007 to 2010.

Tahrir Square, Cairo, online:

Visit msnbc.com for breaking news, world news, and news about the Economy

10:55 p.m.: People are beginning to organize to camp on Tahrir Square. A great new day of action is planned for tomorrow.

10:51 p.m.: The vice president urged protesters not to listen to "satellite TV" and listen to "their heart."

10:40 p.m.: The vice president spoke in turn to state television and defending the president in ensuring that it has placed the country's interests above his own. He called on demonstrators to go home and all the Egyptians to work together.

10:36 p.m.: Obama met with his national security team after Mubarak's speech.The CIA had indeed thought that the Egyptian president would announce his resignation, a scenario that was favored by the United States.

10:27 p.m.: The Egyptian state television just announced that Vice-President Suleiman will in turn address the nation.

10:21 p.m.: A man lying on the floor of Tahrir Square. The protesters formed a cordon around him to prevent it happen trampled.

10:13 p.m.: Mubarak said in his speech that he wanted to be "buried in Egypt" and he would not leave his country under any pretext.

10:10 p.m.: The Egyptian demonstrators brandish their shoes, a powerful symbol of defiance and anger in the Arab world.

Mubarak wants to ensure the transition until presidential elections. Photo credits: TV via APTN EGYPT / AP

While the idea of a simple adjustment of tax on capital is booming, including the Department of Budget, the total suppression of his supporters do not disarm. "If we want to recover the competitiveness of France, we must rid this stupid tax," said Michel Piron, the UMP behind this fall, an amendment – Retoque – ISF and eliminating tax shield. "Correct the ISF is to create a gas plant," said Jean Arthuis, president of the centrist Senate Finance Committee. The two MPs have the opportunity to defend their point of view tonight at the weekly meeting of the Working Group during which Baroin present to elect a majority of the tax study heritage in Europe.

Cap cap

The fund, the ISF raises two major economic problems.At the bottom of the scale, it hits the upper middle classes caught by the housing boom. To solve this handicap, the tracks are not lacking among the principal residence exemption and deleting the first tranche of ISF (790 000 to 1,290,000 euros of assets). At the other end of the chain, the TFR is confiscatory. Households in the last installment (more than 16.5 million property) have their assets taxed at 1.8%, while these assets relate to their best, when it comes to good financial investments, 4 % per annum. "It's what drives so many French very fortunate to leave for Switzerland," says Philippe Bruneau, president of the Circle of tax practitioners.

Aware of this mess, and while the tax shield will disappear, Gilles Carrez, the rapporteur UMP budget to the Assembly, proposed as a solution to increase the cap of the ISF.Today, the sum of the ISF, the tax on income and payroll taxes must not exceed 85% of the income of the debtor. It is therefore a kind of shield, but only reduces the bill ISF (and not that of all taxes). Especially since 1996 and the Juppe government, the cap itself is limited: it can not reduce by more than 50% to pay the ISF.

Gilles Carrez proposes to reduce the cap to 70% of revenue and eliminate the "cap on cap. An idea that Baroin seen favorably. "The tax exiles began with the cap ceiling Juppe. Ending it would be a good thing. But this is not enough. It should also reduce the rate of ISF, "said Philippe Bruneau. Or remove the tax on capital.

The executive has not decided. And the advocates of simple deletion of the ISF have support.Christine Lagarde, Minister of Economy, argued Monday in The Tribune for a "simple, so pretty radical."

Even if Mark Zuckerberg pledged to bequeath half his fortune to the charitable foundation, Bill Gates, Facebook is not ready to become a philanthropic enterprise. The message to that effect, left Tuesday on top of its founder, was none other than the work of a hacker revealed by the site gizmodo.fr.

"If Facebook needs money, instead of going to the banks, why Facebook does not allow it to invest in Facebook users of social order? Why not turn Facebook into a 'social business' as defined at the Nobel Prize Muhammad Yunus? What do you think? ". When the social network raises huge sums from banks, this strategic change on the page mentioned by Mark Zuckerberg was surprising many observers.

Wall Street alert

The message had a finite life has still provoked the reaction of 1800 users after just three minutes. And the news was able to shake Wall Street. In fact, the company valued at nearly $ 50 billion is the object of desire, bank Goldman Sachs to venture capital firms.

An IPO of the new star of the Web expected in 2012, widely reported in the press, is also seen as a way to boost markets. Moreover, with its 500 million adherents and status of prescriber, the social network could lead other companies in its conversion to philanthropy. In short, investors would not digested the goose that lays the golden egg migrates to the works or social causes.

Since the "incident", the message and the many comments were deleted.The social network has also decided to strengthen its security: it now offers a secure HTTPS connection from end to end. It should be noted that combines Facebook hackers in recent days. The Facebook page of Nicolas Sarkozy has been hacked twice this week. A forger suggested the president's facebook page that he did not intend to run again in 2012.

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Soon a European International Monetary Fund? Germany would work to draft new European institution which is much like a regional version of the firefighter world public finances, according to the German daily Sueddeutsche Zeitung. Berlin would like to propose to its partners in the euro area to create a "European Fund for stability, growth and investment," according to a paper cited by the newspaper.

Berlin has denied that this project reflects the government's position. This document was "not subject to ministry officials, nor endorsed by them, and the ideas it contains do not reflect in any way the position of the Ministry of Finance or the federal government," insisted the door Ministry spokesman.Still, the German Minister of Economy, Rainer Bruederle said Thursday in a statement that "the fallback mechanism will exist in the direction of a European Monetary Fund. (…) There must be question of independence, individual responsibility, transparency and foremost the possibility of sanctions for poor performers of the euro. "

Informal meeting

On Thursday, Finance Minister Christine Lagarde will meet informally in the early afternoon near Strasbourg with his German counterpart Woflgang Schäuble, who is on vacation. "The EU should not only look at the budgets, but also monitor how economies grow," said Christine Lagarde at the Sueddeutsche Zeitung, and reiterated its preference for a European economic government."We're at a stage (of European negotiations, Ed), where each country sets its vision on the table," says one at Bercy, "and there's currently nothing specific."

According to the draft released by the Sueddeutsche Zeitung, the struggling states could use the funds to refinance their debt in case of emergency. "No limit" amount. Counterparties would be severe: the beleaguered government should provide guarantees in exchange as reserves in gold or shares in public companies. This institution would take its place alongside the European Central Bank. Like the latter, it would be politically independent. This project serves as an alternative to European bonds in particular championed by Luxembourg and Italy, but which Germany and France opposed.

"The German interest for stability"

He is "in the national interest" of Germany that the euro area to be consolidated "with all its Member States, it is explained in the paper cited by the Sueddeutsche Zeitung. Monetary union is clearly oriented towards the "German interest for stability," is said. This is the "consideration" for Germany to play its role of "anchor stabilizer" within the zone.

Rainer Bruederle is skeptical about him. "Such a European economic government is not the right project. Whoever currently looking for a European economic government is working on a bad site, "he said bluntly. Finance ministers from the euro zone must meet in January. The markets were disappointed by the meager results at the last meeting of the Eurogroup, in mid-December.

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The rumor had been circulating for a few days. The Central Bank has formalized this Thursday shortly before the opening of the EU summit of heads of state and government: it requires a doubling of its capital. This cushion, which amounts to 5.76 billion euros, would be increased from 5 billion to 10.76 billion euros.

The guardian of the euro said it has to cope with volatility "in exchange rates, interest rates and credit risks." The operation will take place in three stages, the first December 29 following the end of 2011 and again in late 2012.

"If one takes a longer-term, this capital increase is also explained by the need to display an adequate capital base in a financial system that has grown dramatically," said the ECB.This is the first time in twelve years – date of creation – that the ECB makes such a capital increase.

Aid that is not free

It follows the extraordinary transaction redemption of debt of troubled countries like Greece, Portugal and Ireland by the ECB. Having been reluctant to pursue this strategy, she has been forced because of the seriousness of the situation and the States' delay in reacting to the crisis. "We believe that this demand (capital increase, Ed) serves as a reminder of the ECB to the Member States of the Eurozone: the ECB expect to fight only to defend the euro can not be free "Gilles Moec analysis, economist at Deutsche Bank in a note released Thursday morning.

The central bank seeks primarily to strengthen its cushion against losses on bonds it holds the peripheral states.Certainly, it retains those titles until they mature, that is to say, ten years for a ten-year bond, for example, without trying to sell it before the futures market. It is therefore not exposed to changes from day to day. She wiped the other hand a significant loss in the event of partial failure of a State like Greece.

Amputate dividends

Technically, this is not the State paying the money directly to the ECB, but the national central banks, like the German Bundesbank and the Banque de France. But these are financed by governments. The sum required for the capital increase by the ECB could also be levied on dividends paid by the ECB usually its actionnaies States, according to Gilles Moec.

The U.S. central bank, the Fed had also conducted a capital increase after its share buyback program launched massive U.S. Treasury bills.

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Year after year, the state tightens a little more live operators, these parastatals, ranging from job center at Météo France through museums. Only the universities, which are operators, but who receive a renewal policy, do not. This rigor is not a luxury for these 497 structures (excluding universities) employing 235,000 people, spends 29 billion a year and a property portfolio of 42 billion. Yet for years, management has been lax. Thus in 2007, operators have created 13,989 jobs, while eliminating 11,244 departments! But all that changed gradually from 2008 through the action of the Budget Ministry.Fewer jobs in 2009 and non-replacement of retiring in two from 2011 (involving 2,630 job cuts), identification of property assets and better management (in particular so that each agent does not exceed 12 square meter), lower operating expenses by 10% in three years and introducing a variable in executive compensation: a series of measurements has already been set up by Eric Worth, the former tenant of Bercy. They resumed in fact the rules that the state imposed on itself in government it controls directly.

Baroin, the current budget minister, wants to pursue this by going further. Bringing together the leaders of the 497 operators Bercy Monday he told them he had to get rid of "dependence infusion of public expenditure."This requires measures "symbolic": 2750 cars, a fleet of 17,000, will disappear in these organizations. But especially weighty decisions. The minister said Monday that future job losses will be less concentrated on a few agencies and variable pay in 2011 will cover all the management teams (against 57% today). In addition, operators will produce a document programming jobs otherwise they will not receive a portion of their grant. In addition, in 2012, operators will pay rent when the State is its owner. The goal: to encourage them to occupy less area. Finally, their accounts will reach that state. Baroin and recalled that he had a measure announced in September to ban these GSEs debt.

Still, among the key stakeholders, we would also like the state does its share of effort. Including the payment in due time its holdings. "We need financial relations between the state and operators are both clear, sincere and planned in advance," said Monday at a meeting Christian Charpy. Another complaint, on variable pay this time: often, the boost to merit no more than a few hundred euros per year. "It's the mindset that counts," replied Baroin. Very offensive, the Minister noted that the examples Irish, Spanish, English showed that France could not escape a strict policy of cost containment.

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