The draft law imposing a tax on financial transactions will concern only companies headquartered in France and whose market capitalization exceeds one billion euros, according to BFM radio-TV business, which publishes the text Monday.  

The project, to be presented Wednesday by the Cabinet, applies to "acquisition" of securities "issued by a company whose headquarters is located in France and whose market capitalization exceeds one billion euros in the first January of the taxation year ", according to this document.

It is therefore a levy of 0.1% on the exchange of shares and credit default swaps (CDS) called "naked", these financial derivatives intended to act as insurance to bondholders but are accused of promoting speculation on sovereign debt.

One hundred companies concerned

Currently, more than one hundred companies listed on the Paris Stock Exchange exceeds the market valuation. The high-frequency trading, suspected of serving speculation and based on discussions conducted a nanosecond, by computer, will also be affected by this law.  

But order cancellations or order changes will, however, lower taxes beyond a certain threshold. "Since the rate of cancellation or change orders within the scope of this tax exceeds a threshold, on a trading day, the tax amounts to 0.01% of the amount of orders canceled or changed beyond this threshold, "the statement said.

The document states that "the threshold is set by decree" but "can not be less than two-thirds of orders addressed and can be modulated depending on the size of balance sheet of the operators concerned." This tax would generate a billion euros a year will be applied from 1 August, stated the head of state Nicolas Sarkozy announcing its establishment.

The President of the New Centre, Hervé Morin, future presidential candidate, said Sunday during his campaign that he would defend the idea of ​​an increase in working hours, with a 37-hour week, that France found its prosperity. "We constantly talk about the restoration of public accounts and the return to a balanced budget.

Europe

– Provide Europe with a single presidency created by the merger of the European Council President and the President of the European Commission

– Making of the European Commission the true government of the Union

– Provide the euro area economic governance: generalization of qualified majority voting, can create Eurobonds to communitarise part of European debt, creation of a Monetary Fund and a European rating agency.

– Establishment of a European reindustrialisation.

The airline has grounded all its aircraft Saturday and canceled 447 flights, which affected nearly 70,000 passengers, and brought the conflict to a climax.

The unions are demanding salary increases and improved working conditions. They also challenge the strategy of the company to focus its international activities in the Asia-Pacific region. The company management wants it, remove a thousand jobs.

The immobilization of the fleet has forced Prime Minister Julia Gillard in Melbourne before the court, which ordered the company to resume flights and unions to end the strike.The judges have left them 21 days to resolve the conflict.

Qantas announced that flights would resume on Monday afternoon part.

"We are delighted that after 24 hours of chaos, common sense prevails again in the sectors of air transport and tourism in Australia", welcomed Bill Shorten, Deputy Treasury Secretary.

"I think Qantas has taken an extreme decision Saturday," she commented on Julia Gillard, head of government. "Without really inform the government and the passengers, she had pinned her to the ground. She did as she had other alternatives," she added.

The strike took place at the wrong time for the Australian government, which hosted this weekend the 21st Commonwealth summit in Perth.Seventeen heads of state and government would leave Australia with Qantas. However, they have done with other companies, assured the Prime Minister.

The composite indicator of consumer confidence stood at 82, up two points from September.

The 17 economists and analysts polled by Reuters on average expected a figure of 79 and the most pessimistic estimates gave it to 78.

Fell to 77 in October 2008, the barometer of consumer sentiment had risen to 91 in early 2010.It evolves from September 2007 below its historical average of 100.

"The opinion of households on their personal financial situation, past and future progress: the corresponding balances each earn two points and households are also more likely in September to consider as appropriate to make major purchases" (3 points), INSEE said in a statement.

"Households feel the time is more favorable than in September to save. After the sharp drop in the summer (-8 points between July and September), the corresponding balance increased by 2 points," said INSEE.

In October, households are also less likely to anticipate an increase in unemployment.This indicator loses 12 points after a sharp rise this summer (23 points between July and September).

The INSEE survey is conducted each month (except August) by telephone from approximately 2000 households.

The rating agency Moody's Investors Service gave the first Monday penknife to the sacrosanct "AAA" rating of France, announcing that it gave three months to determine whether his perspective "stable" was still justified in view of the deteriorating economic situation."Over the next three months, Moody's will monitor and evaluate the stable outlook (the note of the country) in the light of progress made by the government to implement" the measures announced to reduce the budget deficit, said the agency rating in a statement.

France has currently the highest rating possible from Moody's (a "Aaa"), as from its main rival Standard & Poor's and Fitch Ratings. This high rating allows it to borrow on the markets in very favorable terms to finance its budget deficits. If the prospect of this note should be revised to "negative", this would imply that Moody's would likely reduce the medium-term (usually for a term of three to twelve months).And France would become the new big country, after the United States to lose the precious talisman financially.

The agency is careful to note that this review is part of its annual study on the accounts of France and that it is not – at this stage – a decision on the note country. But it is the first of three major rating agencies and to cast a shadow on the "Aaa" French. Last week, Moody's had yet to confirm the strength of the French note, after the announcement of the restructuring of the bank Dexia.

Keeping the promise of deficit reduction

In addition to the ability of the French government to meet its budget commitments, Moody's says it will consider in its deliberations "new negative developments in the economy or financial markets."In its statement, Moody's notes that the financial strength of the French government, although still very high, "has weakened, as is the case for other countries in the euro area, as the economic and financial crisis in the world has led to a deterioration in its debt ratios, which are now among the lowest rated countries Aaa + + ".

For Moody's, so it is "crucial" for France to maintain "investor confidence in its ability and willingness to deal with unforeseen challenges."Or "France could face a number of challenges in the coming months – such as the need for additional support to other European countries or its own banking system, which could increase so significant commitments that must support the country's budget, "said Moody's.

"The deterioration of debt ratios and the ability to see new potential liabilities are putting pressure on the prospect of stable rating Aaa + + of the country," said the agency. For Moody's, the French government now less room for maneuver in 2008 (…) "during the crisis of" subprime "." The continued commitment to implement economic reform measures and budgetary and visible progress in the goals "for reducing debt" will be important for maintaining the stable outlook "of the note of the country, the agency warns.

Four in ten French believe that "the euro has been quite a handicap over the last three years of financial and economic crisis," according to a survey conducted for the FIFG UMP and made public Friday. Only 26% of respondents believe the euro has been "an asset", against 40% who describe it as "handicap" and 34% for whom it was "neither one nor the other," according to the survey presented at the parliamentary days of the UMP.

In August 2010, only 34% of French people saw the euro as a handicap, according to a survey conducted then FIFG for Humanity.Similarly, 37% of respondents wish that "France gives up the euro and the franc back," against 63% for the maintenance of the euro. Last June, in another survey FIFG-L'Humanité, only 29% were in favor abandonment of the single currency.

The French are divided into two camps face almost equivalent to European integration, "given the current crisis", 51% are for "a strengthened European integration with a unique economic and fiscal policy", against 48% preferring "less European integration and economic and fiscal policies of each State "(1% undecided).

Do you agree with these opinions? Do you think the single European currency is an asset or a liability in times of crisis? A return to the franc is it possible and desirable? Give us your opinion in the comments.

Survey conducted by telephone Sept. 23 to 26 among a sample of 964 individuals, representative of the French adult population for the UMP group in the National Assembly, Senate and Parliament.

The Nikkei lost 0.4%, or 34.78 points to 8738.90 points and the Topix, larger yielded 1.56 point (0.21%) to 753.44 points.

Certain values, including Honda Motor (-2.22%), suffered greater losses, affected by the damage to their plants by flooding in Thailand.

Although investors have bought futures contracts, as well as neglected sectors recently, investors are not convinced that European leaders will address the concerns about the financial system through the measures promised by the end of the month.

"The question of how Europe will recapitalize banks remains," said Tetsuro Ii, CEO of Commons Asset Management.

The results below expectations Alcoa, attributed to slower growth, weighed on the trend.

"Those who wanted to be reassured by the U.S. results are for expenses," said Kenichi Hirano, a director at Tachibana Securities.

At 9:05, the CAC 40 index advances 2.57% at 2923.78 points.

The London Stock Exchange gained 2.27%, 2.15% that of Frankfurt and Milan up 1.34%.

The pan-European Euro Stoxx 50 index rose 2.1%

European banks index was up 2.98%

Although more focused on retail banking and has already cut the wing in the investment bank, Credit Agricole is still suffering from its ambitious expansion before the crisis, including its acquisition of the Greek bank Emporiki.

It is far from being immunized against the explosive cocktail of rising financing costs in dollars and fears about sovereign debt in the euro area.

Analysts contacted by Reuters, Credit Agricole should take steps similar to those of her peers.

"I fail to see how they (Credit Agricole) could do without it, they are likely to move," he told Reuters a source familiar with the group's strategy.

Several analysts based in Paris and with recent access to the management of the bank said in research notes that they expected the sale of toxic assets as well as an optimization plan loans in dollars.

Possible sign of a withdrawal in the bank, Crédit Agricole announced Tuesday that it now runs his consulting business mergers and acquisitions in the Middle East of Paris.

Crédit Agricole, mostly held by regional banks, saw its share price melted nearly half since the beginning of the year (-47.58%), a performance slightly less bad than Socgen ( -51.60%) but well behind that of BNP (-38.07%).

NO EXCEPTION FOR A PRIORI CREDIT AGRICOLE

Societe Generale announced September 12 a series of measures to strengthen its capital base and was followed two days later by the BNP has decided to reduce the size of its balance sheet of about 10% by end 2012 .

"French banks are likely to turn away from the long-term funding in dollars of aircraft or property," said Citigroup analyst Kinner Lakhani.

"I do not see why Crédit Agricole would be an exception," said he.

"There will certainly be something in there that taste," said another analyst based in London.

"They (the bank) need permission from the regional banks is a creature that moves slowly but they need to do something quickly," it adds.

A spokeswoman for Credit Agricole declined to comment on this information.