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.

Half an hour after the bell, stock markets were slightly widened their losses after the President of the European Central Bank (ECB) Mario Draghi said the downside risks to the economy increased. Investors are waiting to learn more about a response of Europeans to the debt crisis to position.

"The increase related to the decision of central banks yesterday allowed (market) to heal his wounds with a high gain of the euro and stock markets.The real question is: this rule does the real problems in Europe? No, not at all, "Judge Michael Hewson, an analyst at CMC Markets in London." This makes the return to the competitiveness of European peripheral countries due to the strengthening of the euro.

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.

"If we find that (effective) our work is undermined by a lack of efforts of national governments, then we must ask us to question the effect (of interventions)," said he in an interview published Sunday by the newspaper La Stampa.We discuss all the time. "

This is partly because the yields of Spanish and Italian sovereign bonds in early August had reached a level considered difficult to sustain over the long term for these countries to more than 6%, the ECB had resumed its buyback program obligations.

Since the last three months, it bought for about 100 billion shares, of which over half were Italian government bonds.

Friday, the yield on Italian 10-year loans reached a new high since the creation of the euro area, 6.43% due to the distrust inspired investors in the country, where a vote of confidence in the House planned Tuesday could bring down the coalition government led by Silvio Berlusconi.

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.

In a joint statement the leaders of the MEDEF French, German BDI and Confindustria Italian call for an early implementation of agreements reached in recent months to increase the efficiency of European Financial Stability Fund (EFSF) and strengthen the Pact stability and growth.

"The devices are not already considered, however, the 'leap' required to overcome current deficiencies in the euro area," they add.

"That can be established the foundations for a Europe of the XXI century prosperous and politically strong, we ask the EU to launch the construction of a new treaty, which will be a new step towards a political union and closer economic ".

BDI and Confindustria Medef particular wish that the future treaty changes the future European Stability Mechanism (to take over the EFSF in 2013) by granting an independent fund support only under strict conditions.

They also called for member countries of the Union "structural reforms oriented growth to enhance the competitiveness of their economies."

"Member states should focus their reform programs along the lines of the best examples and not to the EU average," said the appeal co-authored by Hans-Peter Keidel, president of the BDI, Emma Marcegaglia, president of the Confindustria and Laurence Parisot, MEDEF their counterpart.

"There is no reason for the real economy plunged into crisis again. The global real economy is intact," they say.

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%

This study, in which terms are used particularly alarmist, has plunged the euro fell to a seven-month low against the dollar, less than $ 1.35.

"The budgetary imbalances sharp rise in the euro area as a whole and the extreme situation of some individual countries could undermine the stability, growth and employment, as well as the sustainability of economic and monetary union ( EMU) itself, "it said.

It should be automatic financial penalties for countries whose deficit exceeds 3% of GDP, warns the document released Thursday by the ECB but not formally approved by it.

The study recommends that national budget deficits are approved at European level in case of exceeding safe levels and that States are under financial supervision if the adjustment programs do not meet the objectives.

The ECB added that it is impossible to say for sure whether the latest reforms will be sufficient to ensure sound fiscal policies.

The German Jürgen Stark, chief economist of the ECB and member of its Executive Board, resigned ten days ago, apparently because he disagreed with the policy of buying government bonds implementation by the central bank to fight against debt crisis in the euro area.

Jürgen Stark has continued to call on politicians to develop operating rules for the euro area more stringent.

At this stage, three countries in the euro area – Greece, Ireland and Portugal – have had to resort to an international plan to support developed by the European Union and the International Monetary Fund (IMF).

The ECB has already spent over 150 billion to purchase debt securities issued by countries in the area to prevent the contagion of the debt crisis, including Spanish and Italian paper.

In addition to Jürgen Stark, the study was signed by Ludger Schuknecht, Philippe Moutot and Philipp Rother.

The rise of Wall Street, in the first significant trade occurs despite not particularly favorable statistics, the jobless claims first.

The Dow is 0.8% to 11,335.55. The S & P 500 ahead 0.74% to 1197.44.The Nasdaq Composite gained 0.6% 0 2588.

The weekly jobless claims rose against all odds in the United States during the week to September 10, at 428,000 against 417,000 the previous week, said Thursday the Labor Department.

Manufacturing output in the region of New York against all odds the contraction accelerated in September, shows the Empire State index released Thursday, falling to its lowest level since November.

Other indicators were also published.

The inflation rate decelerated slightly in August in the U.S., thanks to higher gasoline prices has also slowed, while prices of new cars have not changed, said the Department of work Thursday.

An indicator was more favorable rating. Industrial production in the United States increased more than expected in August, announced Thursday the Federal Reserve, the manufacturing sector has offset the decline in electricity production.

Values, UBS shares traded in New York plunged nearly 9%. A trader suspected of being linked to losses of some $ 2 billion announced Thursday morning by UBS was arrested in London, said on Thursday from several sources.

The Nikkei lost 2.2% or 193.89 points to 8,590.57 points and the Topix, wider, 1.93% or 14.62 points to 741.20 points.

European shares fell 4 to 5% Monday in a climate of growing concerns about the debt crisis in the eurozone and fears of recession in the United States.

Markets now expect the discourse on the use of Barack Obama Thursday in Congress.

Values, Toshiba has lost 5.11% to 297 yen.The Wall Street Journal, the group is in discussions to increase its stake in U.S. company specializing in nuclear, Westinghouse Electric, through the redemption of 20% of the group Shaw.

Banks were particularly affected. Sumitomo Mitsui Financial Group lost 3.4% to 2,098 yen and Mitsubishi UFJ Financial Group 2.69% to 325 yen.

However, electricity companies have benefited from the announcement of the new Industry Minister Yoshio Hachiro a return to service as soon as possible nuclear reactor shut down. Shikoku Electric Power has gained 4.4% to 2,063 yen.