Business News & Financial News

Deposits record debt have accelerated last year after a slight dip in 2010. The number of filings in 2011 with commissions of over-indebtedness on the mainland increased by 6.6% compared to 2010, 232,493, announced Wednesday the Bank of France. It increased by only 1% in the first nine months of 2010. The number of cases handled, it is more sensitive it up by 10.1% to 239.647.Dans detail, the commissions have used the new possibilities offered by the law Lagarde, effective the end of 2010, which allows them to not go before the judge for approval of a plan to erase debt. The number of recommendations to erase debt, also called personal recovery proceedings without liquidation (the judge orders the sale of household goods over-indebted if any) has been increased almost tenfold between 2010 and 2011 . As a result, the number of recommendations approved by the judges jumped 30% to 48,797 in 2011.Parallèlement, the number of cases referred to committee by the judges was down 22% in 3549.

More than one in two French (56%) spend more than nine hours in the office according to a study of the company Regus, which specializes in work areas. It is 10% more than the British or the Americans. According to Regus, 14% of the French work more than 11h, against 10% abroad.

The French do they work less than others? No, clearly meets the company Regus, a provider of workspaces. She has just completed a survey of 12,000 companies, working in some sixty countries. And she said, 56% of French people spend more than 9 am at work, against 48% for the average of other nations. In comparison, 46% of the British and Americans work more than 9 hours, 32% of 47% Chinese or Japanese. Germans (59%), Indians (55%) and Brazilians (60%) are in turn more likely to work as hard.In France, the overuse of long-term work could have a negative impact on both health assets and productivity as a whole in that overworked employees are at risk of becoming dissatisfied and suffer a real imbalance between the private and professional sphere "commented Frédéric Bleuse, CEO of Regus France.

And internationally, are teleworkers (broadly those with no fixed office) that are most likely to spend 11 hours a day at work. Not under 14% do so, against 6% for office workers fixed. They are also more likely to take work home at night to finish it. Indeed, 59% of teleworkers work at home win more than three times a week, as against 26% for office workers fixed.

European shares were down sharply in early trade, including sealed by the decision of the Greek Prime Minister to submit to referendum the agreement on the resolution of the crisis of sovereign debt in the eurozone.

"The risk is that a 'no' to the Greeks do completely derail the rescue efforts. With a vote expected in January, I can truly say goodbye to the rally of the season," said a trader based in Paris.

The Euro Stoxx 50 index of volatility, a "barometer of fear" in the financial markets, jumped 20% in opening sign of the strong concern room.

In Paris the CAC 40 fell 3.3% to 9:40, passing below the 3200 to 3135 points, weighed by banks.

European shares closed up Monday, supported by the hope of a settlement of the debt crisis in the euro area and reassuring economic data from China.

The pan-European Eurofirst 300 index took 1.11%. In Paris the CAC 40 gained 1.55% (49.12 points) to 3,220.46 points, its highest since Oct. 12.

In Frankfurt, the Dax gained 1.41% to 6055.27 points. The Footsie has meanwhile been 1.08% on the London.

The mining, including Antofagasta, Kazakhmys and Rio Tinto have reached the market, winning all over 7% on the right numbers of Chinese manufacturing activity.STOXX index of European raw materials ends up 5.63%.

"Markets are likely to be very erratic until the EU summit on Wednesday night," warns Thomas, however, Kleb, head of equity sales at SG CIB in Paris, noting also that transaction volumes remain extremely limited.

The euro still progressed and exceeded $ 1.39, on the hope that Europeans will manage to agree on a plan against the debt crisis.

According to a document of the European Union (EU) for the summit on Wednesday, two options should be combined to increase the firepower of the European Financial Stability Fund (EFSF), namely an insurance scheme and a special investment vehicle able to buy government bonds.

European banks need a hundred billion of fresh capital to strengthen their balance sheet and address the current turmoil, said Thursday the Austrian Minister of Finance, Maria Fekter.

The issue of recapitalization of banks is a major enrolled in the agenda of the EU summit scheduled for Sunday, expected to make a comprehensive response to the debt crisis.

"Thank God it's not as high as suggested by the media.What is needed for the recapitalization is about 100 billion (euros), "said Maria Fekter at a conference.

Banking sources and the European Union had earlier told Reuters it would take 90 to 100 billion euros to recapitalize banks in the EU.

This amount, which is the subject of an agreement on the part of Twenty-Seven, should cover about sixty of the largest banks in the EU, the sources said.

"The amount was discussed by member states, it is now acceptable for everyone," said a source told Reuters the EU.

"The amount could exceed 90 billion euros," said a banking source.

The envelope must be added to the 50 billion already raised by European banks over the period from January to April and the funds raised on the market for which the sum is not yet precisely known.

Sovereign debt valued in "MARK TO MARKET"

It takes into account a requirement of capital adequacy ratio "core tier one" of 9% and retains the same definition of this ratio as that used in the last series of stress tests in July, despite protests from some countries.

Germany will for example not allowed to consider in its bank holdings "silent" they hold in other institutions and, in the same way, Spain will not recognize additional reserves of capital that Bank of Spain requires national banks.

As expected, the amount also takes into account a value to market value of sovereign debt held by banks.

This exercise of "mark to market" will cover not only the securities issued by the peripheral countries of the euro area but also those known as the center, who sometimes treat the secondary market at above face value, as the case for German Bunds.

"There is no reason that we inflicted only the negative aspects of this exercise without taking into account the positive aspects," said one source, but said it would have a positive impact on the envelope eventually required for such recapitalization.

This amount must now be discussed by finance ministers and between heads of state and government of the euro area and EU, who meet from Friday to Sunday in Brussels.

Airbus wants to sell the Airbus A320 or A321neo, remotorisée version of its single-aisle aircraft at Royal Air Morocco and will remain alert to the intentions of Boeing, said on Wednesday sources close to the European manufacturer.

The Moroccan company in trouble last week announced its intention to sell ten aircraft, including four Airbus A321s, five years after their purchase, and five Boeing 737-500, to raise one billion dirhams and bring to five the The average age of its fleet.

According to La Tribune, Royal Air Morocco plans to build a 15-year exclusive contract with Boeing.

The subject could be discussed during the visit of Nicolas Sarkozy to Morocco on Thursday, Reuters said the source close to Airbus.

"It's surprising, given the investment they have made to operate the fleet, but Airbus will be particularly vigilant," she said. "Airbus is working with Royal Air Morocco on providing A320neo or A321neo".

Neither Airbus nor Boeing have to comment this information, while Royal Air Morocco was not immediately available.

The Moroccan government proposed last week to inject 1.6 billion dirhams (142 million) as part of a program of 9.3 billion dirhams by 2013.

These measures aim to strengthen the finances of Royal Air Morocco undermined by increased competition and oil prices and the impact of revolutions and the Arab attack in Marrakesh in April.

French Prime Minister spoke Thursday the necessary economic and social convergence between France and Germany, which will notament a common retirement age. Now it has to go to 67 across the Rhine. Prime Minister Francois Fillon presented Thursday, June 16 at the Small Business Congress in Paris a series of measures designed to "grow" these companies

Prime Minister Francois Fillon said on Thursday it would move to a retirement age of communication between France and Germany, where the legal age of retirement has to go in the coming years from 65 to 67 years . Referring to the "convergence" between the two countries tax the Prime Minister came out of his speech Thursday at the awards ceremony of the creative audacity to Matignon to engage in a plea for a reconciliation of working hours and the age of retirement between the two countries.

"It will take time to go to a joint work, we must move towards a common retirement age, it will move towards a gradual convergence of economic and social organization in both countries because it is the key to survival and the development of the euro area and the European continent, "warned Mr Fillon, without elaborating.

The retirement age in Germany will rise gradually from 65 to 67 years under a reform passed in 2007 and intended to prevent the collapse of a system challenged by life expectancy and an ever-growing shrinking of the workforce. The decline in retirement age will, however, very gradually, reaching actually 67 years around 2030.

French pension reform, enacted in June 2011, provides a decline of 60 to 62 the legal age of retirement.

European shares opened slightly lower Tuesday, extending the trend of the previous day, while Standard & Poor's lowered its credit ratings on Italy, where the market nervous, fearing a lack of Greece.

Banks are again in the first line, after a report in the Financial Times that the German group Siemens withdrew 500 million euros in a major French bank to transfer them to the European Central Bank (ECB) two weeks ago .

At 9:07, the CAC 40 index down 0.33% to 2930.23 points.

The London Stock Exchange lost 0.47%, 0.22% Frankfurt and Milan 1.05%.

The Euro Stoxx 50 was down 0.27%.

Michelin said Wednesday its objectives in 2011, the current uncertainties surrounding the economic time to have any impact on demand, said Michel Rollier, Managing Director of the tire manufacturer, the motor show in Frankfurt.

He also assured that the group's ability to pass through price increases and cost increases of raw materials, natural rubber head was intact.

Michel Rollier noted as such the increase of 4% to 6.5% in Canada on Tuesday announced the prices of passenger and light truck tires.

"Today, our sensors show that sales are conducted properly in accordance with our expectations, sales of winter tires are good," he said during a press lunch."We do not currently an indicator of deterioration."

"We know there are a number of macroeconomic threats, Greece first," he said. "In this case we know that it will be brutal but we will react very quickly."

Michelin intends to build on the experience gained during the 2009 crisis, including the use of a very regular control of the activity of all plants.

Michel Rollier confirmed the target of an increase around 8% of sales volume and operating income growth from one year to another.

The former minister mentioned the figure of 15 to 20 billion savings if the state gave shares in France Telecom, Aéroports de Paris, or Renault.

Patrick Devedjian (UMP) has called for Monday to resume the privatization of companies where the State is a party, seeing it as a deposit "of 15 to 20 billion euros."

Europe 1, former Minister launched as an example of struggle against deficits "are repeated privatization. There are considerable resources in terms of privatization."

He shelled several examples: "France Telecom, the state controls 27%. Me, I propose to sell 13.5%. It represents 4.7 billion."

"Airport of Paris. We do not have to keep control as powerful state of ADP. It is 3 billion. Renault, we have 15% of Renault. We sell.Air France we have 15%, we sell, "he said.

"Just on privatization, we can make 15-20000000000," summarized Mr. Devedjian. In more general terms, he said that Nicolas Sarkozy, the best candidate in his eyes to the right must, for the victory in 2012, presenting "an overall important and mind-blowing."

"If it is to have a policy that constitutes a system of patches that we deal with accidents one after the other, it is not convincing," he said. "When I see the left that has no project" is "a chance for our side if we come up with something strong, innovative," said the former leader of the UMP