From our special correspondent in Wroclaw.

The Europeans hoped "a dialogue between friends," the Americans had "no arrogance." Las. With the destabilization of markets and growing concern on both sides of the Atlantic, the U.S. Treasury Secretary, Tim Geithner, could not resist lecturing his seventeen counterparts in the euro area gathered Friday to Wroclaw (Poland).

The relief provided by five central banks – including the U.S. Fed – banks in the euro area will not long concealed the absence of concerted policy response to the crisis. On behalf of the Europeans, the President of the Eurogroup Jean-Claude Juncker declined projects Tim Geithner, citing "differences in approach with our American colleagues."Treasury Secretary, he has put his finger where the euro hurts: he publicly expressed concern "of the conflict between governments and the European Central Bank," a week after the sensational resignation of the Chief Economist of the ECB .

Barack Obama's America, soon launched a presidential campaign, fearing a collapse of Greece, a contagion to European banks and a possible fracture of the euro area. If the crisis deepens, it is the U.S. economy would suffer the backlash, shock reverse of that which had hit Europe after the collapse of Lehman Brothers in 2008.

The first message in Washing-ton is to push the Europeans to speak with one voice and act decisively. "Governments and the Central Bank should work together (…) to avoid catastrophic risks for financial markets," said Treasury Secretary.And he insists, denouncing the cacophony that destabilizes the common currency: "Everyone should also abstain from loose talk about the end of the euro area." Targeted: the proponents of expulsion from Greece …

Denial of a tax on financial transactions

The unprecedented invitation launched by Poland – host country because currently presiding the EU – Timothy Geithner had anything to embarrass, in turmoil, the finance ministers of the euro no fax payday loan. We saw Baroin host the head of U.S. Treasury of a strong handshake in Wroclaw. But the Euro has carefully kept at a distance. He has not formally participated in the circle, but a "preliminary conversation" about an hour. Contrary to custom, he did not sent to journalists.To tell his truths to Europe, he preferred an audience of bankers in another part of town.

Some did not take gloves to say that Europe has no lessons to learn. The United States, collapsing under the deficits should put their own house, says the Belgian Didier Reynders. "America has nothing to dictate when the person refuses flatly our suggestions," added the Austrian Maria Fekter. It is true that Tim Geithner repeated Friday his opposition front to the tax on financial transactions carried to Paris, Berlin and Brussels.

Decisions deferred

For the second time in eight days, Treasury Secretary left Europe empty-handed. Friday, the Europeans have made a face at her suggestion to "leverage" means the EFSF, the bailout fund for countries of the euro in difficulty."This is not a subject that is discussed with a country outside the EU," Jean-Claude Juncker meant. Same end of inadmissibility of the American idea of ​​supporting the growth of public funds "even a donkey does not stumble twice on the same stone, 'says Didier Reynders, convinced of the urgency to fight first against the deficits.

For the Americans as to Europeans, the European event in Wroclaw ends with a disturbing sense of incompleteness, even for emergencies. The Eurogroup has pushed to mid-October a decision on payment of 8 billion euros to Greece. He did not reach an agreement on guarantees that Finland requires Greece.

The CAC 40 is unable to bounce back on Monday. The benchmark index of the Paris Stock Exchange, which closed Friday on the day of a severe fall of 3.6% continues this trend. At the opening, he gave up 2.41% to 3072.51 points. The movement is the same in the rest of Europe in London, the FTSE-100 index lost 1.43%, in Frankfurt the Dax was down 2.32% and 2.22% loose up Milan.

The first global economy has fueled fears of a global slowdown by announcing Friday it had no jobs created in August, while analysts expected 70 000 net hires. "The U.S. employment figures for August suggest that the labor market seems to be moint death," said Victor Shum this morning, an analyst at Purvin and Gertz in Singapore.

Following this announcement, Wall Street closed on a sharp drop of more than 2%.U.S. markets will do on Monday with European stock any procedure they will remain closed for Labor Day (Labor Day observed every first Monday of September). "Wall Street remains closed doors, it seems unlikely that operators take the slightest risk," said Chris Weston, an analyst at IG Markets.

Asian stock markets have instead given with a negative pulse of the market in red. Operators in the region have learned that HSBC index of purchasing managers in the Chinese sector services slowed to an unprecedented low in August. Seasonally adjusted and calculated by the Institute Markit, it fell to 50.6 after 53.5 in July.

No other indicator may move the index is also expected on Monday.One highlight of the week will be the release of the Beige Book Fed on Wednesday night, which will be the summary of economic conditions in regions in the United States.

No recession expected in Europe

The side of the euro area, European Commission President Jose Manuel Barroso, has tried to reassure investors. Traveling in Australia, he said that the European economy would experience in the coming months a "moderate growth" without going into recession. "We do not anticipate a recession in Europe. The latest forecasts from the European Commission show that the growth will be at the meeting, although this growth will be moderate, it is true, "he said in Sydney.

The comments of the Head of the EU executive echoed the lowering of forecasts rating agency Standard & Poor's for the European economy last week.The decision to resurface concerns about the health of the area and the problems of sovereign debt. "We do it all, the fight against fiscal problems underlying the strengthening of the governance of the eurozone, the introduction of stricter financial regulation to improve our overall readiness" said José Manuel Barroso.

In morning trading, the euro rising slightly against the dollar at 1.4160 dollar. However, it is dropped in morning trading to a low of three weeks, at 1.4138 dollars against 1.4198 at Friday close in New York.

For their part, oil prices were down in electronic trading in Asia, depressed by the poor figures on employment in the United States.A barrel of "light sweet crude" for delivery in October lost 59 cents to 85.86 dollars per barrel of Brent North Sea crude for October delivery 74 cents to 111.59 dollars.

Values ​​to follow

Societe Generale: -5.26% to 21.05 euros (largest decrease in the ACC)

The U.S. federal agency oversight of mortgage filed a complaint Friday against 17 major international financial institutions which include the French bank, for a total loss of $ 41 billion in bonds linked to subprime.

In its wake, BNP Paribas lost 4.98% to 31.75 euros, Crédit Agricole 3.67% to 5.95 euros and 3.09% at Axa 10.20 euros.

Safran: -2.78% to 26.25 euros; Natixis: -3.87% to 2.60 euros

Safran's aerospace equipment will make its entry into the CAC 40 index, while the bank Natixis is about to leave, said Friday the Scientific Council of the indices of NYSE Euronext. The changes take effect Sept. 19.

EDF: -2.70% to 20.38 euros

The Italian Minister of Industry, Paolo Romani, said Sunday he would meet Monday Proglio about the power company Edison.

ArcelorMittal: -2.87% to 13.72 euros

Peabody Energy and ArcelorMittal announced Monday it had extended until September 27, the period during which the short bid for $ 5 billion (3.53 billion euros) on the Australian Macarthur Coal.

Zodiac: -1.67% to 54.20 euros

The group said it had completed the acquisition of the American Heath Tecna and have reached an agreement with its banks to raise 300 million euros the amount of an existing credit line.

Schneider Electric: -4.80% to 41.89 euros

The French government intervened with the company to freeze a plan for the removal of one.000 temporary positions, the daily Liberation in its Monday edition, but the group has firmly denied to AFP such a plan.

Saft: 9.81% to 23.96 euros (largest increase in the SBF 120)

The American automotive supplier Johnson Controls will pay $ 145 million (102 million euros) to the French specialist in batteries as part of an amicable agreement ending their joint venture in the automotive industry, announced Friday the two groups in a joint statement.

Alstom: -4.07% to 29.55 euros

The group signed a 66 million euros with Iraq to build a power plant in the province of Nineveh in the north, said the Iraqi Minister of Electricity.

France Telecom: -1.87% to 12.33 euros

TPSA its Polish subsidiary has announced to contest the fine of 128 million euros that inflicted the European Commission.

After market, environment and Dried Assystem unveil their first-half results.

What will the television of the future? This is the battle that was played in early August between the Ministry of Industry and the Communications. The Ministry of Eric Besson argued for the adoption of a new standard for DTT broadcasting (the DVBT-2). That of Frédéric Mitterrand preferred delay. Élysée and Matignon has arbitrated in favor of Eric Besson. Result, 9 August, the French government notified Brussels that it reserved the right to establish a new standard for DTT broadcasting, as revealed by the Tribune. The government does not specify the date of service, but it will be theoretically possible on 1 December 2011 with the termination of analog TV. The issue is quite simple. With technological advances in transportation and compression of images, it should be possible to make a lot of space on the radio frequencies (up to 70%).

With current technology, there is room for six new HD channels. Three lines are planned for the bonus of Canal +, TF1 and M6, and three others could be attributed to competitors. With the new standard DVBT-2, it will be possible to disseminate, not six but ten. The problem is that it was not until late 2013 or early 2014 for manufacturers LG, Sony, Samsung … sell TVs with standard DVBT-2. The French who are equipped with new TVs from 2005 to 2011 to receive the TNT are not ready to change to accommodate new channels payday loan no faxing.

Reasoned opinion on September 20

This equation is complicated by the question of the future media landscape and the allocation of bonus channels. But Michel Boyon, the president of CSA, must make a report on the subject to François Fillon, late August or early September. Michel Boyon has several solutions.

The first is to allow the launch of three bonus channels (Canal 20, Paris Première and LCI) in the current standard from 1 December 2012. The second is to allow the launch of these channels but with the new standard. Consequently, many channels exist but would be seen by any viewer, because there will be no television adapted. The third is to freeze the PAF with 19 free channels until 2014, when the arrival of new TVs and a full stop advertising on France Televisions. This would suit TF1 and M6, which argued for a break. But Canal Plus, who wants to launch its free channel Canal 20 in late 2011, could attack the decision to the State Council. It is Brussels that could mediate the dilemma. On 20 September the Commission will issue a reasoned opinion, or it's likely that it opposes these bonus channels.

Bernard Tapie cases still contain some gray areas. According to a survey completed by Rue89 Charlie Hebdo, the businessman would have sought to avoid tax by transferring some of its assets in Belgium.

This operation was performed twice. In October 2010 first of all, Bernard Tapie in Belgium created a company called "GBT Holding" has, according to Rue89, a capital of only 20,000 euros. Evidenced by a deed recorded in the registry of Brussels and whose site has obtained a copy.

Two months later, the businessman makes a capital increase of the holding company by transferring 60,999 shares of Groupe Bernard Tapie (GBT) headquartered in France, worth over 215 million euros. A discreet way to transfer his assets abroad, in a country where taxation is more advantageous.Rue89 is also the same period, Bernard Tapie assured the Socialist deputy Jerome Cahuzac he only had that 100 to 120 million euros of assets …

Liquidation of debts

This is not the only mounted by the businessman to evade taxes. By the 1990s, Bernard Tapie would indeed be served in another company, called Superior Ventures Limited, to conceal large sums of money to the accountant in charge of liquidating its debts, revealed this week Chained Duck payday loans. Bernard Tapie's lawyer denies the very existence of this company. For its part, the satirical newspaper, without citing sources, provides an extract of transfer slip from Superior Ltd Venture.

Subsidiary of a company established in Malaysia and half owned by Bernard Tapie and half by Andre Guelfi, businessman otamment sentenced in connection with the Elf affair for misuse of corporate assets, Superior Ventures Limited cashed including revenues his musical performances – 120,000 euros copyright for singing "Beautiful Life" on an album of Doc Gyneco – and advertising – 250,000 euros for the campaign to stamp shops Log -.

With the Superior Ventures Limited, Bernard Tapie had also received 12,000 euros per month in wages between 1997 and 2000. According to the accountant questioned by the satirical newspaper, the company would never enter the perimeter of liquidation of debts of Bernard Tapie.

The Brazilian José Graziano da Silva, 61, was elected Sunday Director General of the Food and Agriculture Organization (FAO). He becomes the eighth five-year patron of the technical agency of the United Nations established in 1945 to fight against hunger and promote agriculture in the Third World. FAO is currently the largest UN agency with an annual budget of about one billion dollars. The Brazilian succeeds Senegalese Jacques Diouf and the Lebanese Edouard Saouma who each led the Organization for eighteen years.

A graduate in agronomy, economics and rural sociology, Graziano da Silva in 2006 was Assistant Director-General, in charge of Latin America and the Caribbean. At the 37th General Conference of FAO, he obtained the votes of 92 members of 180, winning in front of the former Spanish Foreign Minister Miguel Angel Moratinos.It's sort of a victory for the emerging markets when Christine Lagarde is the favorite in the IMF against the Mexican Agustin Carstens.

José Graziano da Silva will head the FAO on 1 January 2012, at a crucial time, in a context of soaring agricultural commodities. His road map is all mapped out after the agreement snatched last week in Paris G20 agriculture: the text gives a role to the international organization in the fight against price volatility and sets a target to increase production World Food 70% by 2050 to feed 9 billion people online pay day loans. Knowing that today nearly one billion malnourished.The organization must support a new global database measuring the levels of production and stocks, and a "forum for rapid response" meant to anticipate retaliatory trade embargo on the export type.

"Three meals a day"

In Brazil, Graziano da Silva is responsible, as Minister of Food Security in the first Lula government in 2003, the ambitious "Fome Zero" (Zero Hunger), considered a resounding success that has reduce inequalities and thousands of Brazilians out of extreme poverty.

His election to the FAO, he chose the slogan "ensure three meals a day," which is still an illusion for a third of humanity."I am no longer the candidate of Brazil, I am the CEO of all countries," said Jose Graziano in Spanish, visibly moved after the announcement of his election.

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At a time when competition in the market for online savings, Cortal Consors wants to restore the voice. The BNP Paribas subsidiary specialized in savings and online brokerage has launched an image campaign, which aims to strengthen its reputation. She recalls in particular that it was behind several innovations on the savings market, including the marketing of all mutual funds. The property line puts the means of communication with a budget increase of 30%. "In recent years we have invested less than our competitors," admits Gommard Benedict, CEO of the brand which claims 530,000 customers and hopes to reach 25,000 to 40,000 per year.

Through this campaign, Cortal Consors stands out from most of its direct competitors (BforBank, ING Direct, Fortuneo …) focusing on the custom board heritage.And by offering a savings account paying 3.25% for one year (2.23% net), while the majority of promotions for new customers rising to 4% or 6% gross for three months. The online bank hopes in this way retain investors increasingly fickle, quick to hunt for bargains.

Customers rather rich

Especially since the savings market is fought. Online banks, which have made their product booklets of conquest (according to a survey Credoc Monabanq, 56% of their clients have at least one) must now cope with the onslaught of traditional banks. "We have more difficulty in asserting our difference," says Andre Coisne, CEO BforBank, a subsidiary of Credit Agricole.

Involved? The new prudential rules (known as Basel 3) requiring that in future banks have more capital and assets easily accessible, thus more "liquid". Result, they direct more savings to their customers bank books and other deposit account. During the first 4 months of the year, the booklets were not controlled and drained about 10 billion euros in savings.

To remain competitive, banks multiply the distance marketing innovations (promotional rates reserved for first customers …). They want so optimistic. Especially since, according to the study of Credoc, "nearly 31% of customers would consider it as their main bank." Customers even more interesting because they are financially above the average rather rich, young, Parisian and graduates.They also hold more financial products than the average …

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Despite the crisis, the 1000 British richest people saw their wealth rise by an average of 18% over the last twelve months, reaching 452 billion euros, according to the annual ranking of The Sunday Times. With 20 billion euros, the steel magnate Lakshmi Mittal is the leader, even if he has suffered the greatest loss, 22%, due to the decrease of its shares, followed by two Russian oligarchs, Alisher Usmanov , another steel giant, and Roman Abramovich, owner of the famous football club Chelsea direct payday lenders.

In a country with 73 billionaires, against 53 last year and 75 before the crisis, Queen n 'PAGE arrives at the 257th place with an estate valued at 300 million pounds, up 3%. This circle has 108 women in total.

A week of respite. That is what has been unable to agree representatives Democrats and Republicans in Congress Friday night to Saturday. Released by the spokesman of the House of Representatives John Boehner, the agreement between the two sides held in suspense the United States for several days, the deadline expires Friday night. Failing to find consensus on the establishment of the federal budget for the year, officials threatened to paralyze this Saturday utilities "not essential", putting 800,000 officers on forced labor

The debt ceiling: the next topic of discussion

The agreement reached last night, however, is only temporary, avoiding this disaster scenario time a week. Congress must still agree on a final agreement and vote in next week's final act on the budget for fiscal 2011 which expired on September 30.According to comments reported by the Republicans, the agreement provides the budget cuts of 37.8 billion dollars spread over the rest of the year.

Cuts historically high, and considered "painful" by Democratic President Barack Obama speaking just minutes after the announcement of the agreement, but "necessary" to allow the U.S. to live within their means. A major point of contention was the amount of budget cuts, Democrats want to limit them to 33 billion dollars not to compromise too much the U.S. recovery by drastic cuts, while Republicans wanted to bring $ 61 billion .

The debt ceiling: the next topic of discussion

For his part, Rep. John Boehner believes that the compromise reached in the snatch will "reduce costs and keep our government in working order." Still, the U.S. budget problems are not over. Far from it. If the agreement reached by both parties to avoid a political crisis difficult to 18 months of presidential and legislative elections and a halt to the recovery of the U.S. economy, of bitter debate looming once again for the next weeks.

First on the budget for 2012, but especially on the possible increase in the debt ceiling and on the measures used to reduce it.A debate arises today, Treasury Secretary Timothy Geithner has warned that the legal debt ceiling (14,290 billion), would be met from May 16 next, and that extraordinary measures would not reduce the maturity until 8 July. On April 1 this year, the federal government debt had already passed the 14.251 billion dollars. And the budget deficit probably will cross the bar of 1400 billion, despite cuts passed in the night. Already engaging the coming hostilities, John Boehner said this morning that the measures proposed in the coming weeks by Republicans would reduce the deficit of $ 500 million over 10 years.

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The interest rate the European Central Bank, which determines the cost of money in the entire euro zone, banks in particular, was raised by 0.25 point to 1.25%. It is the first rise in the cost of money for 3 years. This decision was announced between the lines several weeks ago in previous speeches the President of the European Central Bank (ECB), Jean-Claude Trichet.

ECB reacts to the acceleration of inflation, which reached 2.6% in March, surprising analysts on the rise. Developments due mainly to "increased energy prices," said Jean-Claude Trichet at a press conference Thursday afternoon.

In this context, he reiterated his warning against "second-round effects", that is to say that higher wages would fuel higher prices."We are particularly attentive to this issue," he warned. The social partners should not take for reference the current inflation, but the target of 2% set by the ECB during the negotiations on wages, pleaded Jean-Claude Trichet.

The first in a long series?

The press conference of the ECB was scrutinized by analysts awaiting signs of future rate increases. Most of them estimated that up this Thursday is the first in a series that will take place during 2011. "The ECB has decided that this increase was the first in a series," Jean-Claude Trichet timed.

At the same time, it did not indicate in his opening statement that rates were at an appropriate level, implying that future adjustments.At Societe Generale, analysts expect an increase of 25 basis points (0.25%) every quarter to an interest rate of 2% in late 2011.

Route risky "

That prospect worries some observers, however. The ECB is "a risky road to recovery," said James Nixon, an economist at Societe Generale CIB. While growth in the euro zone is distributed. But it remains very uneven across countries. Germany experienced a strong recovery while the peripheral countries, subjected to rigorous programs are still in recession.

"Rising interest rates will add considerably to the cost of debt of the peripheral countries, fears James Nixon.And it remains to prove that increasing rates in a context of soaring oil prices, already able to cut consumption, does not cause back in recession and no recovery of the banking crisis in Europe. "

With a rate of 1.25%, "the EC's monetary policy remains very accommodative, has defended Jean-Claude Trichet. Our decision is to anchor inflation expectations of economic actors to a level commensurate with the objective of the ECB's 2%. "

Not a single car is out of the manufacturers plants yesterday, three days after the earthquake that struck Japan on Friday. Toyota, Honda, Nissan, Renault's partner in the Archipelago, had discontinued production of not knowing when they would resume. Mitsubishi Motors has closed its units left Aichi, Gifu and Okayama and will not open today.

Some of their production centers are located in the northeast area is devastated by the earthquake and tsunami, but all are affected, unable to procure spare parts. Toyota, with 12 factories are closed now lose $ 72 million per day. The car, running lean for stocks as low as possible, is paralyzed from a link in the chain flu.PSA Peugeot Citroën is indirectly affected: electric cars Peugeot and Citroen iOn are manufactured at Mitsubishi.

The energy shortage is real

The Sendai area, closest to the epicenter of the earthquake, is also an important industrial center for electronics, telecommunications and machine tools. Sony has frozen seven sites and one of its plants in Blu-ray is flooded. Canon, world's leading producer of cameras, has warned that he risked arrest eight of its plants. His rival Panasonic has already suspended some of its production.

The semiconductor industry is also likely to be particularly affected. According to the IHS firm iSuppli, Japan accounted for 20.9% of the global market last year.Two manufacturers, Shin-Etsu and Sunco, providing silicon wafers, have announced plant closings.

Everywhere, the reduction of production capacity is compounded by shortages of electricity, interruption of rail traffic, the collapse of roads and port closures. East Japan Railways, which serves the suburbs of Tokyo, is able to ensure that 20% of its normal traffic. The cessation of nuclear power plants will cause an energy deficit of 4,700 megawatts. "Tokyo Electric Power has introduced blackouts to regulate demand," said Arnaud Bauduin, a specialist on Japan at OFI Asset Management.Similarly, 20% of refining capacity is currently suspended. "

After stopping all production after the tsunami, the fourth largest global steel, Nippon Steel, took over the supply of all its sites, except that of Kaimishi near the area hit by the disaster. Rival JFE has meanwhile revealed yesterday that he was forced to stop supplying a site near Tokyo due to a problem of energy supply.

At the Tokyo Stock Exchange, which fell 6.18% yesterday, all the industrial stocks were battered. Nissan lost 9.5%, Honda 6.5% and Tokyo Electric Power (TEPCO) plunged 23.5%.

Credit Suisse figure to 122 billion euros or 129 damage, about "40% of the damage caused by the earthquake in Kobe in 1995, stressing that the region has fewer offices, fewer plants and fewer highways .

Supplementary budget

The Japanese economy, driven by its exports, was already weakened by soaring oil prices and a rebound in Europe and still hesitant in the United States. It will be difficult to recover. Nomura expects that GDP (gross domestic product) in the country, which contracted by 1.3% in the fourth quarter of 2010, may not return until the third or fourth quarter of this year. The archipelago, say the analysts of the firm, must also take into account a possible drop in domestic consumption.

Despite this, the rating agency Moody's, which stresses the importance of saving Japanese, does not provide an immediate fiscal crisis. It is betting instead on government spending that will be needed for reconstruction and can help accelerate recovery of the Japanese economy.This does not prevent the opposition already ask the government a supplementary budget for fiscal year ending March 31.

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