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.

The party of the presidential majority proposes the opening of branch agreements on legal working hours. For the head of the UMP, Jean-Francois Cope, the output of 35 hours is "inevitable." The national secretary of the UMP Jean-Francois Cope

The UMP will propose at its convention, which opens Tuesday, the opening of branch agreements in areas where the 35-hour "lasting problems arise," said Tuesday the Minister for Ecology Nathalie Kosciusko-Morizet on LCI. "Our position, which will be presented tonight is to give the possibility to open branch agreements. There are branches in which lasting 35 hours pose problems despite the flexibility that we have done," said Ms Kosciusko-Morizet.

Nathalie Kosciusko-Morizet did not specify which areas were specifically concerned, however, saying that all branches should be able to open negotiations."But there are areas where it is more complicated than others, where the division of labor is much less homogeneous than in others," she said.

In an interview published Tuesday in La Voix du Nord, the Secretary General of the UMP Jean-Francois Cope said that "the crisis, the output of 35h is inevitable, since it secures the purchasing power" .

The European Union and the United States imposed sanctions on Syria to stop the repression. The Arab League will soon follow suit. But these measures will be effective to bring down President Bashar al-Assad? Not so simple … Demonstration against Syrian President Bashar al-Assad in Istanbul.

After the United States and the European Union, the Arab League threat of economic sanctions against Syria. The organization includes Saoudi Arabia, Iraq and Egypt imposed an ultimatum: if the power does not stop the violence against his people, the organization will hit the country in the PORTFOLIO. But these economic sanctions have their limits. Explanations.

Imposing the sanctions and how?

So far, it is especially the European Union has shown.Moreover, tourism is affected: it reported 6 to 7 billion euros last year and represents 12% of GDP. "The economic machine is running at 40% of its resources today," said Hasni Abidi, director of the Centre for Studies in the Arab world (CERMAM). The possible sanctions of the Arab League at the end of their ultimatum could further exacerbate an already fragile economy. "States of the Arab League import a lot of fruits, vegetables and grains, Syria has a highly developed agriculture. If you stop overnight, these imports, it's a catastrophe for the country," said the researcher. The situation is so delicate that the Minister of Economy has just imposed a drain of $ 10 on the salaries of civil servants to bail out the state.

The Government will meet throughout the weekend to decide on a new set of anti-deficit. The announcement will probably be Monday at the end of an extraordinary cabinet meeting. Minister of Economy and Finance, Baroin, and budget minister, Valérie Pécresse (here on the benches of the National Assembly on 6 September 2011)

The government will hold meetings arbitration throughout the weekend before the announcement, probably Monday, a new set of anti-deficit measures which a light could be a new day of solidarity, has said on Saturday a government source. "Conciliation meetings will be held the weekend before the ads are likely to take place Monday even if it is not yet confirmed," it was said the same source.Announcement of details of the measures occurring after a cabinet meeting postponed to Monday exceptionally due to preparation of the G-20 summit last Wednesday.

According to reports in the Journal du Dimanche, a government source confirmed a second day of solidarity is under consideration. Founded in 2004 after the 2003 heat wave, the first Solidarity Day is a day of unpaid work whose fruits fund the care of elderly and disabled. Originally set for Monday of Pentecost, that day, which reported 2.4 billion euros in 2010, has since 2008 organized "a la carte".

Other measures to be announced Monday include the raising of the reduced VAT rate, from 5.5% to 7% for the restoration and renovation of housing.

European shares closed Friday up and recorded a third straight session of gains, as Wall Street made by U.S. jobs figures better than expected in September.

"The employment report for this month is also surprisingly good as last month was surprisingly bad. The labor market remains weak and the Fed should not be impressed by this report, which suggests an EQ3 (a third cycle of purchasing government bonds) at the FOMC meeting of November 2, "said Rob Carnell, economist at ING Financial Markets.

The CAC 40 index gained 0.66% to 3095.56 points but under the highest of the day (3126.0) after nearly 8% over the previous two sessions.For the week, the index rose by 3.81%.

London has been 0.23%, 0.54% Frankfurt and Milan 1.29%. The pan-European Euro Stoxx 50 index rose 0.81%.

"The European stock markets appear to initiate a phase of stabilization, as the actions of several sectors (banking, insurance, oil, utilities, telecommunications). This reflects the extremely low valuations of these securities," said Vincent Guenzi, strategist at Cholet Dupont.

Axa (5.10%) finished at the top of increases in the CAC 40, followed by Total (2.85%) and Peugeot (2.56%).

Carrefour (-3.66%) registered the largest decline of the CAC on profit taking.EADS lost 3.32%, hit by the rise of the euro, which fell from 1.3190 dollars late Monday at 1.3485 late Friday afternoon, the day after the announcement of new measures support to banks by the ECB.

In the bond market, the performance of the German government bond (Bund) and 10 years has reached 2%.

Philips reported new measures of cost reductions on Tuesday due to weak demand for its products, an ad that has boosted the title of the Dutch in early trading before it turns into a context of new sharp fall in European shares.

One who is both a world leader in lighting, one of the top three global manufacturers of hospital equipment and the European leader in consumer electronics is affected by higher commodity prices, from budget cuts in the Health and by sluggish consumer spending.

Philips said it had increased to 800 million its goal of cost reductions, which represents a 60% increase compared to $ 500 million announced in July.

The group also expressed confidence in its ability to meet financial targets for 2013, despite the uncertainties surrounding the global economy.

By 10:35 GMT, Philips yielded 0.78% to 12.13 euros after gaining about 7% in early trade. However, the value is better than the AEX index of the Amsterdam Stock Exchange (-1.6%) and the index grouping the European values ​​of consumer goods and luxury.

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.

In a statement, the Council states that these changes will take effect from the trading hours of Monday, September 19.

The entrance to Saffron in the benchmark index of the Paris Stock Exchange was expected, but the output of the subsidiary of BPCE (People's Bank – Savings Bank), one year after its entry into the CAC, was least, the market until a further release of Suez Environnement.

The action Natixis lost 17.59% of its value since the beginning of the year and 41.4% since September 17, 2010, its entry in the CAC.

No comments could be obtained immediately from Natixis or Safran.

The Scientific Council of the indices of NYSE Euronext has also decided to introduce in the SBF 120, IT group Bull, the specialist in bioanalysis Eurofins Scientific and Virbac Animal Health Laboratory, and the output of specialist allergy treatment Stallergènes .

The President of the European Central Bank Jean-Claude Trichet reiterated over the weekend of the ECB's commitment to price stability, which it considers "essential" to promote growth.

These words, delivered Saturday at the annual meetings of Jackson Hole (Wyoming), have followed a remarkable response from the Executive Director of the International Monetary Fund (IMF) Christine Lagarde, who has warned against the risk of the global economy plunging into recession and called for a rapid and coordinated political action, particularly through a recapitalization of banks.

"We believe that the very solid anchoring of inflation expectations is our one of our major assets," said Jean Claude Trichet, who did not mention in his address the crisis of sovereign debt in the euro zone or prospects for the policy of the ECB.

"This is something we consider absolutely essential to trust," he added, saying that confidence was useful in a difficult environment to help maintain growth.

The European Central Bank will adjust its monetary policy unconventional specific problems it faces, said the head of the institution in Frankfurt.

"The use of unconventional measures depends on the operation of the transmission of monetary policy and must be proportionate to the level of malfunction or interruption of money and capital markets or market segments," he said.

Jean-Claude Trichet echoed the comments of Christine Lagarde, that the upheavals of the political process in Europe increases the uncertainty.

"Paradoxically, we – as a group, as a whole – are not necessarily being in trouble because our fundamentals are very bad. Our fundamentals are very bad.The problem is that we have created difficulties in our governance, "he said.

"SLOWDOWN DOES NOT MEAN RECESSION"

Austria's Ewald Nowotny, a member of the Governing Council of the ECB and also present in Jackson Hole, said in turn that there was no reason to believe that inflation expectations had increased.

"What we see is that inflation expectations are stable," he told news agency Bloomberg.

"At the moment, when I look at oil prices and demand, I see no specific problem that could contribute to an increase in inflation expectations."

These comments suggest that the ECB has a mandate to keep inflation just below 2%, could keep its rates unchanged after two successive increases this year.

To the Governor of the Austrian National Bank, "the prospect of growth is intact" in the euro area and provide a solid foundation for next year.

"Even if there is a slowdown, it does not mean that there is recession," he said to Bloomberg, saying not to believe that the interbank lending market was moving towards paralysis, as in 2008 after Lehman Brothers.

"We should not overstate the situation (…) We are far from a situation like after Lehman.It's something to watch, but not an immediate challenge. "

Earlier this month, Ewald Nowotny was found that the surge in bank deposits with the European Central Bank was worrying, but warned that the economic situation in the euro area had not changed overnight.

UBS plans to eliminate 3,500 positions, including nearly half of its investment banking activities, as part of a plan to cut nearly half its annual costs by the end of 2013.

The bank said last month that it would undertake a restructuring plan when it published the results below expectations.

"The measures announced today will help improve operational efficiency. UBS will continue its vigilance vis-à-vis its costs, while continuing to invest in growth areas," said the Swiss hotel in a statement.

The Justice Department considers the requirements for rating mortgage products related to the crisis "subprime". This investigation was launched before the rating is downgraded by S & P U.S. The rating agency Standard & Poor's has lowered a notch Friday, August 5 sovereign rating of the United States, from "AAA" to "AA +".

The U.S. Justice Department is investigating about the view that Standard & Poor's focused on asset-backed mortgages whose collapse led to the 2008-2009 financial crisis, said Thursday night a source close to the .

Investigation launched by the deterioration of the American note

The survey – which according to the source is trying to distinguish between what the S & P analysts wanted to do and what they were told to do – was launched before the rating downgrade does the United States at the beginning months.

The Justice Department has also conducted a survey of Moody's, one of two main competing S & P on the notes she had assigned to structured products during the crisis, said another source. Asked by Reuters by telephone and e-mail, a spokesman for Moody's could not be reached immediately.

The Securities & Exchange Commission (SEC), Constable of U.S. financial markets, has also opened an investigation into the possible role of S & P, a division of McGraw-Hill, in the crisis, said the first source.Representatives of the SEC and Justice Department have declined comment.

Notes biased on subprime loans?

The New York Times had first reported the investigation of S & P focused on whether the agency had assigned the notes to dozens of biased asset-backed home loans before the financial crisis broke out in 2008. The Justice Department was interested in cases where S & P analysts want to assign notes to some of these assets before being contradicted by leaders of the agency, said the daily.

A spokesman for S & P noted that among the principles guiding the action of the particular agency were "analytical independence and objectivity", adding that the company had taken steps to strengthen the implementation of these principles ."In recent years, S & P has received several requests from various government authorities regarding asset-backed U.S. mortgage. We have cooperated and continue to do so," said the spokesman.

It is currently unclear whether Fitch (Fimalac group), the third major rating agency, is also being investigated by the Justice Department. Neither Moody's or Fitch have lowered their ratings on the United States.

With Reuters.